Kekst CNC Analysis Finds AI Tilts Towards Shareholder Activists in Proxy Voting

Report Highlights Emerging Implications for Activism Communications in the AI Era

NEW YORK, April 1, 2026 /PRNewswire/ -- Kekst CNC, a leading global strategic communications consultancy, today published a report, "AI as the New Proxy Advisor," analyzing the emerging impact of AI engines in proxy contest voting. The analysis found that major AI models are more likely to recommend voting for shareholder activists' director candidates, necessitating a strategic recalibration of the traditional proxy communications playbook to succeed in an AI-influenced voting environment. The full report is available on the Kekst CNC website at this link.

This research follows recent actions by major financial institutions to rely on proxy voting engines in lieu of traditional proxy advisors, underscoring that AI, beyond serving as an information source, is an active recommendation tool that will increasingly influence voting preferences for both institutional and retail shareholders.

Kekst CNC analyzed voting recommendations from four prominent large language models in nearly 50 recent proxy fights. Notable conclusions from the report include:

• AI is currently more likely to support an activist's case for change than an incumbent Board and management team. On average the models recommended just 37% of votes for companies' entire director slates – substantially lower support than ISS and Glass Lewis, which have historically recommended all-management votes in the majority of contests, as well as actual election outcomes.

• Articulating a clear strategic vision and execution plan is more important than ever. Issuers and activists will face a new set of ingrained tendencies within AI analyses, in lieu of structured institutional stewardship frameworks. The most consistent factors influencing AI recommendations are confidence in the company's strategy, management team, and operational enhancements underway.

• Owned content – particularly the press release – is the most important input for AI proxy recommendations. While top-tier media remains influential, LLMs frequently source lower-quality, but higher-volume, automated websites for retail financial news.

"Kekst CNC pioneered strategic communications for activism defense decades ago and today stands as a trusted counselor for companies' most complex situations," said Lyndsey Estin, Co-Chief Executive Officer. "We work to ensure our clients are well positioned by bringing both deep, bespoke expertise and forward-looking analysis. Our latest research underscores the implication of AI disruption on shareholder activism, and how companies and their advisors can gain a strategic advantage by considering communications through a GEO lens."

Nick Capuano, Partner and Co-Head of Investor Relations and Contested Situations, commented: "Activist engagements are mission-critical inflection points for boards and management teams. In the AI era, companies cannot fall back on outdated communications playbooks. Institutional and retail engagement strategies that prioritize targeted segmentation, amplify the most cogent messages, and meet shareholders where they consume information will increasingly influence successful outcomes in contested situations."

Kekst CNC has advised on many of the most complex, high-profile U.S. contested situations in recent years and has long been recognized for differentiated shareholder activism and M&A counsel. In 2025, Bloomberg recognized Kekst CNC as a top-ranked activism communications firm, including in the global top four defending companies with greater than $1 billion in market cap. Kekst CNC is also the #1 activism defense firm in Japan and a premier advisor in key European markets including Germany and the UK.

The report was authored by Lyndsey Estin, Nick Capuano, and Mark Fallati. Data infrastructure and AI analytical frameworks for this study were developed in partnership with Five Blocks, a digital reputation management firm specializing in how organizations and individuals are represented across Google search, Wikipedia, and AI.

About Kekst CNC

For more than 50 years, Kekst CNC has defined strategic and financial communications, partnering with companies, institutions, and leaders to capture opportunities, address their most complex challenges, and enhance their reputations. Measuring success by the impact of our counsel and longevity of client relationships, the firm's more than 300 professionals across 15 global offices deliver unparalleled judgment, tailored strategies, and best‑in‑class execution. Kekst CNC is the global strategic communications consultancy of Publicis Groupe, which brings complementary expertise across marketing, brand communications, and digital transformation. Learn more at www.kekstcnc.com.

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Kekst CNC
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SOURCE Kekst CNC