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An activist shareholder is one using an equity stake in a corporation to put public pressure on its management.〔Reasonable Investor(s), Boston University Law Review, available at: http://ssrn.com/abstract=2579510〕 The goals of activist shareholders range from financial (increase of shareholder value through changes in corporate policy, financing structure, cost cutting, etc.) to non-financial (disinvestment from particular countries, adoption of environmentally friendly policies, etc.).〔Carried Interest: "Activist Investor Definition" (). Retrieved 17 July 2015.〕 The attraction of shareholder activism lies in its comparative cheapness; a fairly small stake (less than 10% of outstanding shares) may be enough to launch a successful campaign. In comparison, a full takeover bid is a much more costly and difficult undertaking. Shareholder activism has gained popularity as management compensation at publicly traded companies and cash balances on corporate balance sheets have risen. Not only are the aggregate dollars invested in the activist asset class continuing to grow, but activists are also generating significant positive attention from mainstream media by taking more sophisticated approaches to identifying their platforms and running their campaigns. Once derided as corporate raiders, shareholder activists are now the recipients of admiration for sparking change in corporate boardrooms, leading to corporate boards developing best practices for responding to shareholder activism. Shareholder activism can take any of several forms: proxy battles, publicity campaigns, shareholder resolutions, litigation, and negotiations with management. Daniel Loeb, head of Third Point Management, is notable for his use of sharply written letters directed towards the CEOs of his target companies. Some of the recent activist investment funds include: California Public Employees' Retirement System (CalPERS),〔Forbes: "Calpers Votes Against Jamie Dimon, Again" (). Retrieved June 28, 2013.〕 Icahn Management LP, Santa Monica Partners Opportunity Fund LP, State Board of Administration of Florida (SBA),〔ProxyDemocracy.org: "FLORIDA SBA" () Retrieved June 28, 2013.〕〔State Board of Administration: "SBA Corporate Governance Principles & Proxy Voting Guidelines" () Retrieved June 28, 2013.〕〔Harvard Law School Forum on Corporate Governance and Financial Regulation: "Florida SBA Supports Proxy Access and Advisory Firm Transparency" () Retrieved June 28, 2013.〕 and Relational Investors, LLC. Due to the Internet, smaller shareholders have also gained an outlet to voice their opinions. In 2005, small MCI Inc shareholders created an online petition to protest the MCI Inc/Verizon merger. == Notable activist investors == During the 1980s, notable activist investors such as Carl Icahn and T. Boone Pickens gained international notoriety and were often perceived as "corporate raiders" for acquiring an equity stake in publicly owned companies, like Icahn's investment in B.F. Goodrich, and then forcing companies to take action to improve value or rid themselves of rebel intruders like Icahn by buying back the raider's investment at a fat premium, often at the expense of the other shareholders. In an (Opalesque.TV ) interview with notable activist investor Phillip Goldstein of Bulldog Investors, Goldstein describes the role of an activist investor as that of a catalyst unlocking value in an underlying security. He goes on to say that the public perception of activist investors has changed, and this image of "corporate raiders" has dissipated. Notable activist investors:〔Carried Interest: "Activist Investors" (). Retrieved 6 May 2015.〕 * Carl Icahn * Nelson Peltz * Bill Ackman * Daniel Loeb * Ralph V. Whitworth * Kirk Kerkorian〔"Takeover Bids for Chrysler, GM, Ford" Kirk Kerkorian#Automobile industry. Retrieved July 12, 2012.〕 * Warren Lichtenstein * Alexey Navalny * Stephen Mayne * T. Boone Pickens, Jr. * Sister Patricia Daly〔NY Times: "Resolved: Public Corporations Shall Take Us Seriously" (). Retrieved July 12, 2012.〕 * Phillip Goldstein * Thomas Strobhar〔World Magazine: "David versus Goliaths" (). Vol. 23, No. 14. Retrieved 27 October 2008.〕 * Theo Botha * Barington Capital * David M. Webb * Guy Wyser-Pratte 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Activist shareholder」の詳細全文を読む スポンサード リンク
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