As we close out 2025, I’ve been reflecting on what this year taught us and the word that comes to mind is “unprecedented.” Insights from the Diligent Institute’s research show how directors navigated multiple unprecedented challenges – often simultaneously – while also driving major change. The lessons we learned this year aren’t just a look back. They can be a compass pointing to the directional shifts boards will need to embrace as governance moves into a faster, more AI-enabled era. Here's how I see the lessons of 2025 shaping governance strategy in 2026 : five governance shifts boards must prepare for in 2026.

Generational transitions in family businesses are critical junctures that can shape the future of the enterprise, often unfolding over 10 to 15 years and now occurring alongside significant market shifts driven by macroeconomic forces and the convergence of exponential technologies. Strong performance today does not guarantee success in the future, as many family businesses face vulnerabilities tied to what EY believes are the six principal causes of generational transition failure. With few large family firms surviving beyond five generations, independent directors play a vital role navigating these complexities. “For independent directors on the boards of these larger family businesses, the stakes are high. Their role is not merely advisory; it is essential in steering family enterprises through the complexities of generational change," said Brock Griffiths, EY Americas Family Enterprise leader. 

Sony is taking a majority stake in the brand behind the Snoopy and Charlie Brown characters, handing the Japanese group control of a beloved US cartoon as it seeks to build out global entertainment franchises. The company said on Friday that it would buy 41 per cent of Peanuts Holding, which owns the intellectual property created by cartoonist Charles Schulz, from Canada’s WildBrain for C$630mn (US$460mn). The deal raises Sony’s total stake in Peanuts, which it began building in 2018, to 80 per cent, making it a subsidiary of the Japanese group. The Schulz family will continue to own the remaining 20 per cent, Sony said. The deal is the latest move by Sony under a strategic shift to concentrate on entertainment and the creation of original content. Sony is trying to stitch together its gaming, anime, film and music businesses to build global franchises.

PDD Holdings on Friday appointed co-chief executive officer Jiazhen Zhao as co-chairman of the Temu owner's board, joining the company's other chief executive Lei Chen. U.S.-listed shares of the Chinese e-commerce company were up over 6% in premarket trading. A founding member of the company and a key figure behind the Duo Duo Grocery business, Zhao was appointed as director and co-CEO of PDD in April 2023 after having held several top roles at the firm. PDD also appointed Mi Wang as senior vice president of engineering and Jiong Li as financial director. The top-level executive changes come as Chinese e-commerce majors such as PDD and Alibaba cut prices and run promotional offers to woo customers in a period of subdued spending.

Sony is taking control of Snoopy and Charlie Brown, the latest Hollywood power play that leverages cartoon icons across the entertainment industry. The Japanese conglomerate, a leading player in movie production and videogames, will pay more than $450 million to double its stake in Peanuts Holdings, the owner of the popular group of characters. The family of Charles M. Schulz, the “Peanuts” creator, will continue to own the remaining 20% stake. Charlie Brown and his gang of friends first appeared in American newspaper comic strips in 1947, under the name “Li’l Folks.” The Peanuts name was introduced in 1950 and became an early global franchise in entertainment, with toys, movies and holiday specials still shown on television, including 1965’s “A Charlie Brown Christmas,” with its iconic Vince Guaraldi soundtrack.

BioMarin Pharmaceutical said on ⁠Friday it would acquire Amicus ‍Therapeutics ‍for about $4.8 ‍billion, expanding its presence in rare metabolic diseases. The ‍drugmaker will ‍pay $14.50 per share for Amicus, a premium of 33.1% to the stock’s last close. Shares of Amicus surged 30%, ‌while ‌BioMarin rose nearly 5% in ​premarket trading. The deal strengthens BioMarin’s portfolio with Amicus’ approved genetic disorder treatments, including Galafold, an oral drug for Fabry disease, which is ⁠caused by a faulty gene that leads to a buildup of fatty substances in cells. Amicus also markets a combination therapy, Pombiliti and Opfolda, for Pompe disease, a genetic condition in which a complex sugar called glycogen builds up in the body’s cells. Amicus also has U.S. rights to DMX-200, a potential treatment for a type of kidney disease known as focal segmental glomerulosclerosis. BioMarin intends to finance the deal through a combination of cash on hand ‍and about $3.7 billion of non-convertible debt financing.

Hogan Lovells said Thursday it will merge with one of Wall Street’s oldest law firms, Cadwalader, Wickersham & Taft, in a tie-up it described as the industry’s largest ever, creating a $3.6 billion megafirm with more than 3,000 lawyers. Hogan Lovells Cadwalader will be the fifth-largest global law firm by revenue, according to the firms’ announcement. The combination is the latest high-profile consolidation in the industry, where firms face pressure to compete for market share. Top U.S. law firms have been growing rapidly in revenue and size, creating a bifurcated market where the big get bigger, allowing them to attract the best talent and outstrip smaller players. That trend has pushed firms to consolidate to better compete. Hogan Lovells has been fighting to be more competitive in the New York market in recent years. In 2023, it acquired the prestigious real-estate practice of another venerable Wall Street firm, Stroock & Stroock, which folded that year after a partner exodus. Another storied Wall Street name, Shearman & Sterling, merged in May 2024 with Allen & Overy to create a combined $3.4 billion firm.

Farmers in tractors blocked roads and set off fireworks in Brussels on Thursday outside a European Union leaders’ summit, prompting police to respond with tear gas and water cannons as protesters rallied against a major free-trade deal with South American nations. Farmers fear an agreement with the trade bloc known as Mercosur will undercut their livelihoods, and there are broader political concerns it is driving support for the far right. The farmers brought potatoes and eggs to throw – along with sausages and beer for nourishment – and waged a furious back-and-forth with police. “We are fighting to defend our jobs across all European countries against Mercosur,” said Armand Chevron, a 23-year old French farmer. Police in riot gear staffed barriers just outside the European Parliament, which evacuated some staff due to damage caused by protesters.

The federal government is shifting nearly $1-billion in surplus funds from the public-service pension fund into general revenues, a move that is legally allowed but sharply criticized by unions. It is the latest step in a plan first announced in the Nov. 4 federal budget to use surplus pension funds to offset the cost of a $1.5-billion early retirement incentive as a way of shrinking the size of the public service. Treasury Board of Canada President Shafqat Ali announced the decision Thursday afternoon. He said in a statement that independent actuarial reports show the public-service pension fund remains well managed and sustainable. The Public Service Superannuation Act states that the size of the pension’s funded ratio cannot exceed 125 per cent. The minister said the fund is at 125.5 per cent, meaning there is an excess surplus of “approximately $0.9-billion” as of March 31, 2025.

Davantage de Shopify, de Lightspeed et de Coveo. La firme montréalaise Amiral Ventures vient d’annoncer la création de son premier fonds, d’une valeur de 40 millions de dollars, avec comme objectif de redonner un peu de cette ambition au secteur technologique québécois et canadien. Frédéric Bastien, Dominic Bécotte et Nectarios Economakis ont une expertise dans le monde du démarrage et de la direction d’entreprises qu’ils comptent mettre à contribution afin de mener le vaisseau d’Amiral à respecter son mantra : « La prospérité du Canada repose sur ses bâtisseurs. » C’est ce qu’on peut lire dans l’annonce inaugurale du nouveau fonds avant tout montréalais, mais à l’empreinte pancanadienne. « C’est réaliste », assure à La Presse Frédéric Bastien. « On en a bâti, des Lightspeed, des Shopify et des Coveo, mais on pourrait en avoir beaucoup plus. Ça ne se fera pas du jour au lendemain, mais on a nommé notre fonds Amiral en référence à un vaisseau amiral, puisqu’on veut contribuer à ce mouvement-là. »

Le premier ministre Mark Carney a confirmé que le Canada entamera en janvier des discussions formelles avec les États-Unis afin de revoir l’accord de libre-échange. Dans un communiqué publié jeudi soir, le cabinet du premier ministre a annoncé que le ministre responsable du Commerce Canada–États-Unis, Dominic LeBlanc, rencontrera ses homologues américains à la mi-janvier. Le cabinet de M. Carney a aussi affirmé que le gouvernement fédéral a l’intention de conclure des accords commerciaux avec d’autres partenaires économiques dans la prochaine année. M. Carney a fait part de ces informations aux premiers ministres des provinces et des territoires lors d’une rencontre tenue virtuellement jeudi après-midi. Selon M. Carney, les irritants commerciaux signalés par les États-Unis font partie d’une « discussion beaucoup plus large » sur le commerce continental. M. Carney estime que le Canada et les États-Unis ont « énormément à gagner » à coopérer dans des secteurs économiques clés.

Corporate governance in 2026: your outlook for the next twelve months and a complete rundown of what you need to know. The turbulence of the 2020s will continue; let’s just get that out of the way first. Not all of it will be negative; in fact, this decade is as much about leaps forward as it is about unexpected hurdles. Still, there’s no getting away from the fact that the next twelve months will continue to demand the best from directors and other corporate leaders if they’re to rise to the challenge of this dynamic, chaotic modern governance environment, which is so far gone from “business-as-usual”.  Below, we dive deeper into the most pressing issues and trends for directors in 2026.

Bill Ackman’s Howard Hughes has announced a deal to acquire a Bermuda-based insurance company for $2.1bn, as the activist investor seeks to build what he has called a “modern-day Berkshire Hathaway”. Howard Hughes will finance the $2.1bn purchase of Vantage Risk using a combination of cash and an investment in its own stock worth up to $1bn by Ackman’s hedge fund Pershing Square. The billionaire has set out plans to transform Texas-based Howard Hughes from a real estate company into a sprawling business in the mould of Warren Buffett’s Berkshire Hathaway, using it to acquire controlling interests in operating companies. Pershing Square is the largest shareholder in Howard Hughes, which has languished on public markets for a decade. “The acquisition of Vantage is a milestone event in the transformation of Howard Hughes into a diversified holding company,” Ackman said in a statement on Thursday. Pershing will manage Vantage’s assets, Howard Hughes said.

Regulatory frameworks like NIS2, DORA and GDPR continue to raise expectations for security and compliance teams. Yet many organisations still treat compliance as the finish line. That approach can create blind spots that place operations and long term resilience at risk. At a recent RANT roundtable, security leaders debated whether compliance is overshadowing risk management, and how organisations can strike a better balance that supports business objectives. Compliance is a baseline, not the destination, compliance provides assurance. It does not guarantee resilience. Too often, organisations focus on passing audits rather than addressing real threats that could disrupt operations.

As companies prepare for 2026, evaluating the performance of their board of directors could yield some benefits. Boards faced major challenges in 2025, and many companies saw major swings in their stock price—both good and bad. Understanding and evaluating the role each corporate board member played in the growth or decline of the company is a major responsibility of the board and an essential process in maintaining sustained revenue growth and strategic success. Global consulting firm Korn Ferry recently collaborated with Gibson, Dunn & Crutcher to analyze the board evaluation disclosures of S&P 500 companies as presented in their proxy statements, uncovering trends that could represent governance best practices. Their findings regarding board evaluations among S&P 500 companies revealed.

Ben & Jerry's independent board late on Wednesday said in a filing that its new corporate parent, the Magnum Ice Cream Company, is forcing three more directors to complete training and other requirements or face removal. Ben & Jerry's, newly under the ownership of Magnum, this month removed the board's chair Anuradha Mittal and set term limits forcing out two other directors by the end of the year, unless they resign first. Ben & Jerry's is also requiring three additional directors to complete training, sign what the board describes as an "allegiance pledge" and accept new eligibility and term limits by December 23, according to the filing, or else face removal. The independent board is charged with overseeing the progressive brand's social mission and product integrity. If the three additional directors are removed, the board, which once had eight members, would be left with just two directors, Ben & Jerry's CEO and one member previously appointed by the brand's prior owner Unilever.

The CEO of Ontario’s real estate regulator is stepping down, just weeks after the province appointed an administrator to assume control of the organization amid concerns about its handling of the iPro Realty scandal. Real Estate Council of Ontario (RECO) Administrator Jean Lépine released a statement on Thursday afternoon confirming that Brenda Buchanan will step aside as CEO effective Dec. 31. In the statement, Lépine said that Buchanan will continue to provide support during the transition while he assumes the responsibilities of the CEO. “I want to thank Brenda for her commitment and her contributions to RECO and wish her well in the future,” he said. “Looking ahead to 2026, we have an ambitious agenda for RECO in 2026. I’m eager to continue working with the team and all our stakeholders to deliver on our mandate and rebuild trust with stakeholders.” Lépine formally took over the responsibility for RECO on Dec. 1.

BBVA said it is launching share buybacks of up to 3.96 billion euros ($4.64 billion), as the bank moves to boost returns to shareholders after its bid to take over smaller rival Banco de Sabadell fell through. The Spanish lender said Friday that it received authorization for the European Central Bank for the buyback. BBVA’s board signed off on a buyback in several phases, it added. BBVA said it would on Monday start with stock repurchases of up to 1.5 billion euros to be completed no later than April 7. Shares in BBVA have more than doubled their value since the start of the year, giving the bank a market capitalization of nearly 114 billion euros, according to FactSet. After its attempt to acquire Sabadell in a hostile bid fell through, BBVA said it would speed up shareholder returns. It kicked off a buyback of nearly 1 billion euros and said it would launch a significant additional program after receiving ECB approval.

Union Pacific and Norfolk Southern filed an application with the Surface Transportation Board requesting approval of their proposed merger. The application, filed on Friday, said the merger would boost competition, streamlining pricing of interline moves for thousands of customer locations. It would also allow the industry to compete more effectively with long-haul trucking, the companies said. The deal would also move freight more efficiently and preserve all union jobs that exist at the time of the merger, according to the application. The growth of the combined company is also expected to create about 900 net new union jobs by the third year following the merger. The application includes 2,000 letters of support from stakeholders, the companies said.

Hedge fund Elliott Investment Management is considering taking bookseller Barnes & Noble and U.K. book chain Waterstones public, according to people familiar with the matter. The public offering could come as early as the second half of next year with a potential listing either in London or New York, the people said. Elliott is talking with banks about the idea of an initial public offering but hasn’t chosen an underwriting syndicate, the people said. It also hasn’t committed itself to making such an offering next year. The listing would underscore the continued viability of neighborhood bookstores despite the strength of Amazon.com and the increasing popularity of streaming shows and podcasts competing with books for consumers’ attention. Elliott bought Barnes & Noble in 2019 in a deal valued at $683 million, including the assumption of debt. At the time, the retailer was struggling to attract shoppers. It reported a loss of $125.5 million on revenue of $3.7 billion for the fiscal year ended April 2018. Same-store sales, a key indicator, were down more than 5%.

Medical supply giant Medline’s shares rose 41 per cent above their offer price in their hotly anticipated New York debut on Wednesday, rounding out a strong year for U.S. IPOs with volumes hitting their highest since 2021. New listings made a strong comeback in 2025 after nearly three years of sluggish activity, buoyed by rate-cut hopes and a more supportive dealmaking backdrop. Eye-popping first-day performances by heavyweights such as Circle and Figma also lifted sentiment. According to data from Dealogic, IPOs in the U.S. have raised nearly US$75.3-billion so far this year, the biggest haul since 2021. Here’s how an ETF tracking major newly public stocks has fared against the benchmark S&P 500 over the past year.

Guerre commerciale, projets d’infrastructures, investissements en défense : décidément, tout le monde veut sa part du gâteau. Le mois d’octobre 2025 a été celui où les lobbyistes ont été le plus actifs à Ottawa depuis que les données sont compilées. Tour d’horizon des activités de représentation depuis le début de l’année. Les lobbyistes au Canada ont fait plus de 6000 communications auprès des officiels fédéraux au mois d’octobre 2025, un record depuis que le registre des lobbyistes compile les données. Le dernier sommet remontait à octobre 2024, quand 4500 communications ont été enregistrées au registre des lobbyistes. Le plus récent pic représente une augmentation d’environ 30 % des activités de lobbyisme. La tendance s’est poursuivie en novembre, avec environ 4800 communications enregistrées, comparativement à 3800 en novembre 2024 (+ 25 %).

Le réseau social chinois TikTok a signé un accord avec des groupes proches de l’administration Trump, créant la coentreprise américaine exigée par la loi pour éviter son interdiction aux États-Unis, après d’interminables tractations. TikTok et son propriétaire, le groupe chinois ByteDance, ont signé cet accord avec trois investisseurs – le groupe Oracle du multimilliardaire Larry Ellison, la société d’investissement Silver Lake et le fonds émirati MGX –, selon un mémo interne du directeur général du groupe Shou Chew, dévoilé jeudi par des médias américains et consulté par l’AFP. Cette signature était attendue depuis septembre. Donald Trump avait annoncé un accord après d’intenses négociations avec Pékin sur l’avenir du réseau social, très prisé de la jeunesse et objet de multiples controverses à travers le monde. Le président américain avait de nouveau prorogé, jusqu’au 23 janvier 2026, l’application d’une loi votée lors du mandat de son prédécesseur Joe Biden.

« Un steak à 200 $, une bouteille de vin à 170 $, des livraisons de restaurant à domicile et un retrait à même la carte de crédit, Radio-Canada a scruté les dépenses de l’ancien directeur général d’Innovation et développement économique Trois-Rivières (IDÉ). Selon le décompte effectué, Mario De Tilly a dépensé entre janvier 2020 et août 2025 plus de 75 000 $ en restauration, dont au moins 10 000 $ en alcool, pour des activités de représentation. La société paramunicipale, financée principalement par des fonds publics, lui a-t-elle octroyé trop de liberté? Le budget a été respecté ces cinq dernières années, sauf en 2024. M. De Tilly explique la situation par l’accueil de grandes délégations. Il juge aussi avoir été beaucoup plus raisonnable que les précédentes administrations. Il rappelle que l’Institut sur la gouvernance d'organisations privées et publiques (IGOPP) a conclu en 2023 qu’IDÉ est la paramunicipale trifluvienne dont la gouvernance est la mieux structurée et la plus développée.

Most compensation programs fail for one of two reasons: the design doesn’t match the strategy or the company fails to use the program to communicate and clarify priorities. Boards and compensation committees focus a lot on the first problem—metrics, targets, peer groups, mix—but rarely as much on the second. This article provides a framework for boards and compensation committees to understand the link between pay program design and communication strategy—and how to leverage that connection to strengthen both the effectiveness of compensation and the broader EVP. The key is deciding how prominent compensation should be in the company’s culture and narrative, then ensuring leadership has the tools to communicate that choice. When done well, this ensures that compensation programs serve their intended purpose and drive employee and executive motivation and focus.