Op-ed: How activist investors are deactivating with proxy battle losses

As this year's proxy season draws to a close, defeat after defeat for activist investors in proxy fights this year – most prominently at– raises the question: Are activist investors increasingly getting de-activated, losing their credibility and power? These self-styled"activist investors" are distinct from the original activists who helped catalyze needed governance reforms two decades back.

Today's activists find themselves under siege on not only their value proposition and credibility, but their entire purpose. Many of today's activist investors are a far cry from the original, heroic crusaders for shareholder value who pioneered the activism space decades ago.

streak of defeats for activists in proxy fights has many commentators wondering whether there is even any point to these engagements. As author and former investment banker Bill Cohan,"I, for one, increasingly have no idea what the point of proxy fights is anymore. They are wildly expensive. They are extremely divisive. They go on for too long.

Indeed, in the highest-profile proxy fights this year, including Disney and Norfolk Southern, proxy advisors overwhelmingly favored the activists over management, but all ended up with egg on their faces when shareholders resoundingly rejected their recommendations.

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