In this report, "activist investor" is defined as: "a minority shareholder who seeks to influence decision making at a company by voicing concerns (either publicly or privately to management), engaging in a dialogue with management, or lobbying other shareholders for support.” Activist investors typically include hedge funds and other investors that seek operational or leadership changes and/or changes to the company’s capital allocation strategy (such as increase in share buybacks or dividends). Activists also may include public pension plans, labor funds, and retail investors who may seek corporate governance changes.