Shareholder activists are flexing their muscles with a new exuberance this proxy season, running more insurgent slates in proxy contests, stalking larger targets and enjoying a higher rate of success. A recent New York Times DealBook survey finds that 66 percent of insurgent slates have been at least partially successful this year. Almost certainly, this is because the principal proxy advisers — Institution­al Shareholder Services (ISS) and Glass, Lewis & Co. — have backed the insurgents some 73 percent of the time in 2013.
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