Meanwhile both gun violence-related proposals at American Outdoor Brands Corporation and at Sturm, Ruger & Co. received support by a majority of votes cast. We expect these campaigns to continue in 2019 with further impetus given the level of responsiveness from companies and investors. The race is on for the U.S. 2020 presidential election, and investors should expect to see a large number of shareholder proposals seeking disclosures on companies' political spending or other political activities. Furthermore, politics in the era of populism can have a significant impact on markets and companies, as candidates will likely raise the anti-globalization rhetoric. In 2018, we saw the first example of government intervention in a merger transaction, with President Trump's executive order to block the Qualcomm-Broadcom deal on the grounds of national security considerations. In Europe, Belgium and the Netherlands are raising protectionist measures against cross-border shareholder activism.