With billions in dry power and the global pandemic (hopefully) receding, shareholder activist funds are back at full speed, building stakes in companies, calling for structural, operational, personnel and capital structure changes, running proxy contests, pushing for (or resisting) M&A transactions or holding up squeeze-outs. Their relationships with long-term institutional investors, strategic and private equity acquirers and other market participants are rapidly evolving.  Also in a state of flux are the rules governing their activities, sometimes to their benefit (the introduction of universal proxy cards in the US) and sometimes not (like tighter disclosure requirements on stakebuilding).  The tilt towards ESG adds a powerful new element into the mix.  This session will focus on what companies and the lawyers who represent them need to know about the evolving shareholder activist environment in various jurisdictions.