2026 promises to be a year that will demand both agility and strategic foresight from boards of directors and management as they navigate unprecedented challenges.
Drawing on insights from colleagues across Cleary Gottlieb’s global offices, our 2026 edition of Selected Issues for Boards of Directors examines the critical issues that dominated boardroom discussions in 2025 and identifies the emerging trends that will shape board agendas in the year ahead.
In 2025, we witnessed a resurgence in M&A, producing the biggest wave of mega-deals in a decade, while AI emerged as a transformative “super sector,” reshaping business models across industries and pushing boards to revisit oversight of emerging risks and strategies. In addition, changes to crypto markets, as well as growth in private credit and capital markets, drove deal volumes and opened new opportunities for companies to raise capital, while capital solutions and liability management exercises saw heightened importance in frothy markets.
Against this backdrop of dynamic market forces, boards also grappled with rapidly shifting regulatory developments, including a renewed list of SEC priorities, a constantly evolving global trade landscape, changes to global tax policies and Executive Orders impacting companies in areas such as DEI, shareholder engagement and 401(k) plans.
With market, technology and regulatory landscapes in constant flux, 2026 will require boards to remain vigilant and adaptable. Our memo is designed to provide valuable insights as you guide your organizations through the challenges and opportunities ahead.
Review these topics by clicking on the headings listed on our website, or download the full PDF.