Executive Summary When people hear AI-driven shareholder activism, they picture a robot hedge fund launching campaigns on its own. That's the wrong thing to worry about. The real shift is quieter and far bigger: artificial intelligence is replacing the referee. In January 2026, JPMorgan's asset-management arm, which oversees more than $7 trillion, dropped its proxy advisors entirely and switched to an in-house AI tool to guide its votes. Here's the part boards aren't ready fo