This article considers whether organized labour’s engagement with shareholder activism represents a shift in unions’ traditional stakeholder preferences on corporate governance under pension fund capitalism. It does so in light of recent critiques of the class power thesis of corporate governance which suggest greater fluidity and fragmentation in labour’s approach. Adopting a diverse case study strategy to compare organized labour’s actions in the United States, United Kingdom and France, the paper explains these activities as innovative strategies, similar to other revitalization initiatives, designed to advance traditional agendas by alternative means. The paper thus concludes that, while organized labour’s shareholder activism is unexpected under the class power thesis, its core preferences remain largely unchanged
