Shareholder Activism

Eminence Capital criticizes Graphic Packaging’s board for what it calls a “misleading” ouster of CEO Mike Doss. The firm argues Doss strategically positioned the company for success, and recent stock declines are due to industry headwinds, not his leadership. Eminence questions the board’s packaging experience and refutes claims about new CEO Robbert Rietbroek’s past performance, citing significant issues in his previous roles. Eminence urges shareholders to demand Doss’s reinstatement.

Microsoft’s 2025 annual meeting saw shareholders reject Proposal 9—a BDS‑linked resolution targeting Israel—by over 70% of votes. JLens and the ADL praised the outcome, noting the proposal’s political motive contrary to fiduciary duty. More than 50 shareholders co‑filed the measure, with Norway’s GPFG voting for it, while proxy advisors were split (Glass Lewis against, ISS for). The defeat highlights growing resistance to overtly political ESG proposals and signals firms will scrutinize activist demands for governance and reputational risk.

Deep Track Capital (14.82% DVAX shareholder) condemns ISS’s favorable review of Dynavax’s board ahead of its 2025 Annual Meeting, urging governance reforms and new directors. It cites ISS’s alleged dismissal of critical issues: Heplisav’s missed 2024 sales ($275M target) and market share decline (43% Q1 2025), lax capital allocation, and a staggered board structure. Dynavax’s 23% YTD stock drop and 40-point TSR lag vs. Nasdaq Biotech Index underscore concerns. Deep Track criticizes ISS for overlooking governance gaps and misrepresenting settlement talks, advocating for nominees with vaccine expertise to drive strategic shifts. The clash reflects broader activist pressure on biotech governance.