Despite the decline in proxy activity, shareholder activists say they are concerned about another trend.

But it is also true that there are plenty of times when shareholder activists can do a world of good.

Q. But it is no longer easy to ignore shareholder activists.

For the most part, they sided with management when shareholder activists emerged.

Today's shareholder activists stick around and make a lot of noise instead.

The shareholder activists are far from united on social issues.

Q. What's the relationship between church groups and other shareholder activists, such as pension funds?

Clearly, war is what brought shareholder activists to where they are today.

Still, some shareholder activists are concerned about these new clients.

And so far, shareholder activists say, the exchange's directors have not had to take their share of the blame.