We analyze the timing of NGO campaigns to shed light on NGOs' strategies and how they evolve over time. Data from 2,500 campaigns show that NGOs are six times more likely to launch campaigns on their target's Annual General Meeting (AGM) date. Although this strategy increases media exposure and stakeholder scrutiny, resulting in consumer backlash and related shareholder proposals at the following AGM of the targeted firm, it has no impact on current AGM votes. As NGOs build reputational capital, they adjust their timing to influence AGM votes, revealing the trade-offs they face to drive corporate change.