I examine the governance outcomes induced by NGO campaigns targeting firms. Using a unique dataset on NGO activism that raises Environmental, Social, and Governance (ESG) issues, I establish an association between NGO campaigns and several governance outcomes, including forced CEO turnover, executive pay, and the implementation of ESG-linked compensation. I also find that NGO campaigns garner support from shareholders through a higher number of submitted shareholder resolutions and a percentage of dissent votes cast against management-sponsored proposals. I further establish causality by implementing the staggered adoption of Anti-SLAPP laws in the U.S. as an exogenous source of variation in the intensity of NGO activism targeting firms.
