Back to News

Activist Investing Today: Jefferies' Young Reviews ISS, M&A

Published: July 29th, 2022
The global head of contested situations at Jefferies discusses his view of the 'duopoly proxy advisory services' on contested M&A and director contests.

When an activist doesn’t get the support of either proxy adviser Institutional Shareholder Services Inc. or rival Glass, Lewis & Co. LLC, it is pretty much “game over” for them, according to Christopher Young.

The global head of contested situations at Jefferies LLC and a former director of M&A and proxy fight research at ISS spoke with the Activist Investing Today podcast about his view of the “duopoly proxy advisory services” on contested M&A and director contests and, in particular, how corporations and activists view their recommendation reports.

“In my experience, if Glass Lewis and ISS are aligned on recommendation, that outcome tends to happen. It can either be a viscous or virtuous circle,” Young said.

The Jefferies contested situations chief also discussed his view about the impact of shifting macroeconomic factors on activism and M&A and why he thinks only a few fund managers can produce effective operational campaigns. Finally, Young offered his two cents on the implications of a major regulatory change for proxy contests set to take effect Sept. 1.

Check out the podcast with Christopher Young below:

More podcasts from The Deal are available on iTunesSpotify and on

More From Activism


Activist Investing Today: Wachtell’s Tetelbaum Talks NDAs

By Ronald Orol
Published: February 23rd, 2024
The activist defense partner takes AIT behind the scenes to explain how companies and activists negotiate confidentiality agreements, as well as the trading and campaigning restrictions they typically include.