Record-breaking volumes of activist campaigns—both public and private—are transforming the investing landscape, as activists leverage newfound voting powers and privileges across markets. In this episode of J.P. Morgan’s “Making Sense,” Chuka Umunna, global head of Corporate Governance and Sustainable Solutions, is joined by Darren Novak, global head of Shareholder Engagement and M&A Capital Markets, and Lyndon Park from the U.S. M&A Capital Markets team, to discuss the seismic shifts in shareholder activism. Their conversation explores how diverse market participants are adapting to the rapidly evolving activism environment, including behind-the-scenes battles in Europe, governance reforms in Japan, and other notable examples from around the world. Tune in for expert insights on how companies and boards can anticipate, respond to, and thrive amid the “new era of shareholder activism.” This episode was recorded on May 6, 2026. This material was prepared by certain personnel of the investment banking group of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. © 2026 JPMorgan Chase & Company. All rights reserved.

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.