Chinese authorities appeared to have lifted a block on the English-language version of online encyclopedia Wikipedia, but politically sensitive topics such as Tibet and Tiananmen Square are still off limits. Internet users in Beijing and Shanghai confirmed today they could access the English-language version of one of the world’s most popular websites, but the Chinese language version was still restricted. While searches of random topics such as “Johann Sebastian Bach” and...

It is the opening gambit of a growing type of corporate battle that often leaves blood on the boardroom carpet.

In the past couple of years, activist investors have challenged and brought down 40bn Dutch banking giant ABN Amro - eventually taken over by a group including

Now events last week at football club - worth a mere 4m - could provide fresh ammunition for activists.

Millionaire property developer Graham Ferguson Lacey, the largest shareholder, tried to call an extraordinary general meeting at Millwall, where Heather Rabbatts is chief executive, over the club’s development plans.

But directors refused the meeting, invoking the 2006 Companies Act and saying that he intended to wrest control of the club.

However, legal experts believe the same law could soon be used by activists to hit back at directors.

Tim Stocks, partner at top City law firm Taylor Wessing, said refusing to hold an egm was a big risk. ‘The power to do this comes from the latest Companies Act, but it also gives very significant powers to shareholders,’ he said. ‘It is almost an activists’ charter.

‘The Act gives shareholders the right to sue directors personally. In the past, if an activist thought a board was acting against the interests of investors, he had to get the company itself to sue, which was obviously almost impossible.’

The Act could be the latest weapon for shareholder agitators, some of whom have been coming under pressure.

Reports last week suggested giant American pension fund Calpers was withdrawing cash from activist Knight Vinke, which has demanded change at Britain’s biggest bank, However, Calpers told Financial Mail it would continue to place funds with Knight Vinke, run by Eric Knight, despite its underperformance.

‘We don’t bale out just because of a bad year,’ Calpers said. ‘We are long-term investors and we give people the benefit of the doubt. I’m not sure how long we will maintain this placing if the numbers deteriorate. I guess it’s ”watch this space”.’

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Glen Suarez, Eric Knight’s right-hand man, said activism was a vital part of keeping large companies in check. ‘It is shareholders who own the company and they ultimately take the risk,’ he said.

‘We should be able to question management on what they do. The only difference with activist funds is that we stand our ground and fight for our case.’ Research by the London Business School in 2006 suggested activist investors could help improve value at Millwall companies, but recent performances have been mixed. Shares in activist Brian Myerson’s Principle Capital Investment Trust have slumped 29% in the past six months, while hedge funds and SRM lostms on investments in Northern Rock.

More successful activists include hedge fund Toscafund, which has a stake in housebuilder , whose shares jumped last week after a merger approach from rival .

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