# Pzena Q3 2026 Stewardship Insights

> Pzena Investment Management shares how active ownership differs from activism in proxy votes.
- Title: Pzena Q3 2026 Stewardship Insights · Seekingalpha | Shortify
- Summary: Pzena Investment Management shares how active ownership differs from activism in proxy votes. Pzena used independent judgment to support governance changes…
- Keywords: pzena, stewardship, proxy votes, corporate governance, db insurance, genesco, baxter, arcelormittal, korean government, value up legislation, money, business
- Source: Seekingalpha — https://seekingalpha.com/article/4955264-pzena-investment-management-q3-2026-stewardship-insights
- Author: Pzena Investment Management
- Published: 2026-10-19T18:01:00+00:00
- Read time: 2 min
- Topics: pzena, stewardship, proxy votes, corporate governance, db insurance, genesco, baxter, arcelormittal, korean government, value up legislation, money, business
## Active vs. Activist
Pzena distinguishes active ownership from activism through private engagement rather than public campaigns.
## DB Insurance Case
Pzena supported activist nominees for board refreshment and an internal transaction committee at DB Insurance.
## Genco Activist Disagreement
Pzena rejected activist candidates for Genesco due to lack of retail experience despite supporting board refreshment.
## Baxter Board Amendment
Pzena pushed for smaller board size at Baxter, resulting in a 7-12 director cap amendment.
## ArcelorMittal Equity Issuance
Pzena helped ArcelorMittal limit equity issuance to 10% of share capital to meet governance standards.
## Sumitomo Audit Committee
Pzena advocated for fully independent audit committees at Sumitomo with a five-year cooling-off period.
## Korean Value Up Legislation
Korean government's Value Up legislation aimed to improve capital efficiency and governance quality.
## Case Study: DB Insurance
Pzena voted for activist nominees to refresh DB Insurance board and create an internal transaction committee.
## Case Study: Genesco
Pzena supported Genesco's management slate over activist candidates lacking retail expertise.
## Baxter Board Amendment Details
Pzena advocated for 7-12 director cap at Baxter after academic research on board size effectiveness.
## ArcelorMittal Resolution
Pzena helped ArcelorMittal amend equity issuance to 10% share capital to meet governance thresholds.
## Sumitomo Committee Change
Pzena voted against one former executive on Sumitomo's audit committee due to insufficient cooling-off period.
## Korean Governance Shift
Korean Value Up legislation spurred increased sophistication of activism efforts in the region.
## Active Ownership Impact
Pzena directly improved corporate governance through proxy vote amendments and engagement.
## Case Study: Sumitomo
Pzena pushed for fully independent audit committees at Sumitomo with five-year cooling-off period.
## Conclusion: Independent Judgment
Pzena's case-by-case approach created real-world impact through stewardship and engagement efforts.
## Key takeaway

Pzena used independent judgment to support governance changes at DB Insurance, Genesco, Baxter, and ArcelorMittal through proxy votes.