Interesting data from the 2005 proxy season has raised suggestions that boards of directors and activists brought out the peace pipes.

The figures however suggest that something far more important is afoot. Boards, which a few years ago dismissed activists as hostile ratbags, are now are doing more listening and negotiating. The question is whether it's here to stay. Some say companies will be holding activists up to more scrutiny. But there's a strong case that the activists are not going to go away. Certainly, we can expect executive salaries and option expensing to be up there among the issues next season.