NACD: ‘New universal proxy card rules and growing access to proxy voting will sow disorder in the boardroom–but bring enlightenment in the long term’

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Since Sep. 1, 2022, the universal proxy card has been mandated for all contested elections–and now battles for board seats are shaking things up at a growing number of companies.

Signs of invigorated activism abound. In January, activist Nelson Peltz launched a proxy battle against Disney, the company’s first. He called it off in February only after Disney promised major restructuring. Meanwhile, five dissidents have launched a campaign to serve on the board of mattress maker Purple Innovation. Third Point has announced plans to launch a Bath & Body Works board challenge. And Loan Depot is facing a proxy contest sponsored by its own executive chair, now simply chair (having lost his CEO role).