Despite a slow start in the first half of the year, primarily as a result of the COVID-19 crisis, Europe witnessed a record number of contests going to a vote in 2020. The total of 26 proxy fights for board seats, though, unusually includes four companies targeted twice over the same year. The size of target companies has decreased significantly, to a median market cap of EUR 133 million in 2020, vs. EUR 335 million last year, reaching the lowest level in the last five years.