2026 is Complex Already, Setting the Tone for the Year To Come?
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1/15/26 – Issue 11.02 – Your weekly news on all things board. 

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Say it loud, say it soft – either way 2026 is starting off with plenty of complexity. Paramount’s bold proxy move for board seats at Warner Bros. adds fuel to its hostile bid and reveals just how central governance has become in M&A strategy. Meanwhile, Ben & Jerry’s independent directors continue their courtroom campaign to defend board autonomy against corporate parent Magnum, in yet another reminder that governance power struggles aren’t limited to hostile takeovers. On a different front, Apple’s quiet retreat from diversity language in its board nomination policy reflects a broader policy shift already underway, one that signals how some companies are recalibrating their governance practices in response to changing political and regulatory tides. Against this backdrop, today’s boards are facing deep complexity that requires sharper strategy, more agile decision-making, and greater awareness of the human dynamics that shape the room. At the risk of repeating ourselves, Boardspan advocates that boards pay attention to the three ways for boards to stay forward-looking in 2026.

 

In the Spotlight

 

Paramount Targets Warner Bros. Board Seats in Proxy Fight

Paramount also filed a lawsuit Monday seeking more information on Warner’s deal with Netflix

 

“Paramount Skydance plans to launch a proxy fight for board seats at Warner Bros. Discovery, the company said Monday, as it continues pushing its hostile bid for the company. Paramount also filed a lawsuit seeking to force Warner to release more information about its merger agreement with Netflix….Warner ‘has provided increasingly novel reasons for avoiding a transaction with Paramount, but what it has never said, because it cannot, is that the Netflix transaction is financially superior to our actual offer,’ Paramount said. Warner on Monday said Paramount is ‘seeking to distract with a meritless lawsuit and attacks on a board that has delivered an unprecedented amount of shareholder value.’ It said Paramount continues to push a transaction that its board unanimously concluded isn’t superior to its deal with Netflix…. Both a Paramount and a Netflix deal with Warner would need regulatory approval. President Trump has also weighed in with concerns about the combination of Netflix with Warner’s HBO Max streaming service, as well as concerns about Paramount and coverage of him by its CBS News unit.” WALL STREET JOURNAL

 

From Boardspan this Week (Yep, It’s a Redux Albeit Worth Reading If You Haven’t):

2026: The Year of the Forward-Looking Board

 

At the start of every year, Boardspan distills what we’ve seen and heard to inform our annual outlook. This year, recognizing how stretched boards are, we’re cutting straight to the point with three board moves that will matter most in 2026. We hope you’ll find this a useful reference as you and your board look ahead to 2026.

View our 2026 Outlook

Across the Board

 

Ben & Jerry’s Board Tensions Deepen in Director Dispute with Magnum

Independent directors say director nominee was rejected without justification

 

“Ben & Jerry’s independent board members accused parent company Magnum Ice Cream of blocking their attempts to appoint a former employee as a director, according to a court filing, the latest sign of tensions between the brand’s board and its owner. The complaint—filed Sunday in the U.S. District Court for the Southern District of New York—is the latest in a string of legal moves by Ben & Jerry’s independent directors against the business’s owner after Magnum in December introduced new requirements on the board that led to the ouster of its chair and two other members…. The filing said the independent directors requested on Dec. 11 that Magnum appoint Ben & Jerry’s veteran and former global social mission director, Chris Miller, to the independent board. The nomination was initially welcomed by Magnum Chief Executive Peter ter Kulve, according to the filing…. Then, the company reversed course on Dec. 15, claiming that Miller wasn’t properly appointed, the filing said. The filing also said that Magnum told the independent directors they were required to inform the company about the steps they had taken to confirm Miller’s eligibility.” WALL STREET JOURNAL

 

Apple Scales Back Diversity Language for Board Director Nominees

Apple removes language on board diversity from latest proxy statement

 

“Apple Inc., catching up with many of its peers, has curtailed most references to “diversity” in annual meeting materials, including from the criteria for considering new board candidates. The company’s Jan. 8 proxy statement says the board’s nominating committee will include in candidate pools people with a “broad range of skills, backgrounds, and experiences.” That’s a step back from language used in last year’s proxy, which included commitments to actively seek out people who will contribute to board diversity. Apple filed its previous proxy statement in early January 2025—shortly before President Donald Trump’s inauguration…” BLOOMBERG LAW

 

From AI to Uncertainty: The Issues Boards Must Face in 2026
As disruption accelerates, boards will be called on to connect the dots, linking emerging risks like AI’s impact on the workforce to long-term business strategy

 

"Disruption, volatility, and uncertainty will continue to test board agendas in 2026, upending the assumptions that have long driven corporate thinking—particularly the role of government, geopolitical norms, and the pace of technological change. Economic uncertainty, recession risk, the cost of capital, advances in artificial intelligence (AI), elevated cybersecurity risk, climate severity, policy gridlock, and more, will continue to add to the challenge…. The pressure on management, boards, and governance will be significant…. The unprecedented combination of uncertainties, risks, and volatility call for deeper board engagement in strategy and evolving business contexts. The Trump administration’s policy positions on tariffs, trade, immigration, tax, and regulation more generally are reshaping the economic, geopolitical, and risk landscape— leading to action and reaction elsewhere around the globe.” HARVARD LAW SCHOOL FORUM ON CORPORATE GOVERNANCE

 

The Brain Behind the Boardroom: Decision-Making Under Pressure
Our brains aren’t designed to absorb everything; they’re built to filter out the noise and zero in on what feels most important. In the boardroom, that same instinct shapes which metrics, risks, and people get attention and which get overlooked

 

“Corporate boards are operating in a period defined by persistent uncertainty and volatility. Directors are asked to make consequential decisions under heightened scrutiny yet the information available to guide those decisions is often incomplete, ambiguous, or evolving. In this context, directors need new ways of thinking about how they—and their boards—make decisions. While board discussions center on core elements of governance, this otherwise sensible focus can neglect a simple truth: every decision in the boardroom is made by a group of individual human beings, each influenced by emotion, bias, and social dynamics. Neuroscience can provide a powerful lens for a better understanding of many of these human factors.” PWC

 

Why Smarter Boards Will Lead Differently in 2026

Strategic leadership in 2026 means boards must do more than approve the destination, they must help steer through uncertainty

 

“2025 was a stress test for leaders - in executive and board governance roles across global organizations. The ongoing state of permanent crisis requires leaders to break with traditional approaches to strategy, challenge existing models and frameworks, creating new ways of making decisions. The big areas of caution for organisations, go beyond operational into strategy requiring board members and executive leadership teams to align on what they prioritise challenges and agree on how they deal with volatility and uncertainty…. Among the S&P 500 companies, 84% reported AI disclosure at board level in reflecting heightened scrutiny from investors and stakeholders. Simultaneously, economic instability is also impacting the United States, with 717 corporate bankruptcies, the highest rate in fifteen years. You may be familiar with the well-worn phrase; ‘When America Sneezes, the rest of the world catches a cold.’ The specific challenge for leaders is to minimise the impact of American turbulence into a sniffle.” FORBES

 

The CEO’s Playbook for Difficult Board Directors

Challenging personalities at the board table are inevitable, what sets strong CEOs apart is how they respond

 

“Ideally, board meetings feature thoughtful and challenging engagement between the board and CEO as they execute a fundamental responsibility: to lead their company toward sustained value creation. However, board and CEO dynamics often fall short of this ideal. Frequently, the human element in the boardroom is the key issue. Some directors have bad habits, and some boardrooms have processes and a culture that are ineffective. One in 3 public company directors and 1 in 5 private company directors noted the impact of problematic individual directors in surveys conducted by the National Association of Corporate Directors (NACD). For example, the ‘inability to navigate diverse perspectives to reach a consensus’ and ‘lack of agreement regarding how directors should interact and behave’ were cited by nearly a quarter of respondents to a 2023 NACD survey on boardroom culture.” MIT SLOAN

    Seat at the Table

    • LPL Financial elects to its board Somesh Khanna, Senior advisor at McKinsey & Company

    • S&P Global appoints to its board Robert Moritz, former Global Chairman of PricewaterhouseCoopers

    • Lifestyle brand Funko welcomes to its board Reed Duchscher, Founder and CEO of talent management platform Night

    • Moody’s Corporation announces to its board Lisa Sawicki, former Chair of the Global Board at PricewaterhouseCoopers

    • Advance Auto Parts names to its board Richard Johnson, former CEO, President, and Chairman of Foot Locker

    • Financial services firm NetApp adds to its board Paul Fipps, President of Global Customer Operations at AI business platform ServiceNow

    • Dental product manufacturer Dentsply Sirona elects to its board Donald Zurbay, former President and CEO of animal health firm Patterson Companies

    • Semiconductor manufacturer GlobalFoundries welcomes to its board Ganesh Moorthy, former President and CEO of Microchip Technology

    • Insurance brokerage The Baldwin Group appoints to its board Paul Sparks, Executive Chairman of specialty insurance firm CAC Group

    • Semiconductor firm MACOM Technology Solutions Holdings welcomes to its board Bryan Ingram, former SVP and General Manager of the Wireless Semiconductor Division at Broadcom

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    About Boardspan
    Boardspan helps boards raise the bar on their critical governance mandates by combining cutting edge digital capabilities with high-touch consulting services. They are leaders in board assessments, individual director & CEO evaluations, board succession strategy & search, skills & composition analyses, and bespoke advisory work. Boardspan’s focus is entirely on boards, delivering deep experience, objectivity, an analytical orientation, and insight-driven recommendations. Boardspan works with public, private and non-profit organizations across all verticals including consumer, healthcare, financial services, technology, industrials and non-profit. Specific clients include Archer Daniels Midland, Autodesk, Blue Shield (CA), Boston Beer Company, Colgate-Palmolive, e.l.f. Beauty, HubSpot, Ingersoll Rand, KKR, Lam Research, the PGA, Roblox, Salesforce, the USOPC, and scores more.

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