Across the Board
The PGA Tour Board Faces Senate Questioning About LIV Golf Merger
Lawmakers concerned about antitrust issues, human rights record in Saudi Arabia
"Senate Democrats and Republicans grilled PGA Tour officials over their plans to merge with the Saudi-backed LIV Golf during a Tuesday hearing. The Senate Permanent Subcommittee on Investigations heard testimony from PGA Tour Chief Operating Officer Ron Price and board member Jimmy Dunne, who argued a proposed framework for the deal would allow expensive legal fights and fracturing player and fan base to end…The hearing comes a month after the PGA Tour, the world's leading professional golf league, agreed to merge with LIV Golf, the Saudi-funded upstart league.” NPR
Federal Judge Rules in Favor of Microsoft/Activision Merger
The $69 billion deal could be finalized within days
“A federal judge will not block Microsoft (MSFT) from closing its $69 billion deal to acquire video game giant Activision Blizzard, a defeat for US regulators who had asked for a temporary injunction while legal challenges to the merger unfold. The decision not to grant the injunction by the US District Court for the Northern District of California clears the way for Microsoft to consummate a deal that will make it the third largest video game publisher in the world…US antitrust officials at the Federal Trade Commission had argued that an injunction temporarily blocking the deal was necessary because allowing the merger to close amid ongoing litigation would have caused immediate harm to video gamers and other consumers.” CNN
Microsoft-Activision Ruling Represents Another Setback for the FTC
Chair Lina Khan wants to toughen antitrust enforcement, but so far fights a losing battle in court
“When a federal judge in California rejected the US Federal Trade Commission’s request to block Microsoft’s $75bn (sic) acquisition of Activision Blizzard, she dealt a sharp setback to the regulator’s ambitious effort to toughen antitrust enforcement under chair Lina Khan. Judge Jacqueline Scott Corley ruled on Tuesday that the FTC had failed to prove that the megamerger would harm competition in the video game industry. The details of her ruling revolved around whether Microsoft would limit its rival Sony’s access to blockbuster Activision game Call of Duty, but the decision’s resonance in Washington and corporate America will be much broader.” FINANCIAL TIMES
Why Board Engagement in Company Marketing Efforts is Imperative
To safeguard and uphold a brand’s reputation, board oversight must extend to marketing strategy
“As the business landscape becomes increasingly competitive, brands and organizations are constantly seeking innovative ways to expand their marketing efforts to reach new audiences. In this pursuit, the board of directors should be invited to join the marketing conversation not just to fulfill its oversight responsibilities, but to view the proposed marketing efforts through the lens of both customers and stakeholders, and, in some cases, to avoid a crisis communication nightmare” DIRECTORS & BOARDS
Five Essential Strategy Questions Boards Should Be Asking
Focusing on five critical topics will help elevate board performance and strategic value
“Boards and C-suites alike have an opportunity to recalibrate their risk framework to focus on a longer-term horizon and reframe the discussion from risk to opportunity. This could include opportunities related to innovations around technology, changing consumer expectations, strategic transactions and evolving business models, all of which could impact how the company is doing business in five years and beyond. Consideration should also be given to the strategic ways technology and data can be used to improve the ability to identify and capture emerging opportunities and accelerate growth.” EY via BOARDSPAN
The Importance of Strategic Minds for Effective Governance
CEOs and Directors find strategic competency via collaboration
“The relationship between governance and strategy in organizations has long been tenuous. CEOs often view governance merely as a regulatory requirement, delegating it to the CFO, auditors, and legal experts, with only scripted meetings with the board…But directors, especially those representing large passive investment funds, are hesitant to delve into strategy due to their fiduciary responsibility. CEOs often fail to establish a collaborative relationship with the board, maintaining a distance that gives them autonomy but impedes strategic thought. They can overcome this divide by developing a shared strategic perspective on the future.” INSEAD
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