Even the world's largest companies aren't immune to activist investors.

With the management teams of well-known businesses such as Salesforce, Disney, and Hasbro,

attracting the attention of activism campaigns,

what are the implications for corporate strategy and shareholders? of activism

arguments is that company should be returning capital more aggressively.

And so I think that the nature of the companies and the nature of the environment and the fact that there is more capital out there is going to create this doubling and tripling up, which we've already seen and our expectation is that we'll continue to see.

I'm Allison Nathan and this is exchanges at Goldman Sachs.

When the stock prices of companies are down, it tends to attract the attention of activist

investors who lobby for changes they hope will improve a target share price.

Joining me today to talk about the evolution of these activist

campaigns are Goldman Sachs's Avi Marotra, co-head of America's M&A, who runs

activism and shareholder advisory, along with Pam Kodo Loti, who serves as the Global Chief

Operating Officer for the practice in Global Banking and Markets.

Avi Pam, welcome to the program.

Great to be here.

Great to be here.

It seems every other day we are reading about another new activist campaign.

So describe the overall level of activism today and how it compares to pre-Pandemic levels.

Pam, maybe you can start us off.

So before I jump in, when we mean activism,

we mean shoulder activism.

So these are basically investors that are seeking to

...