Issues for Boards 2025
Planning ahead in volatile times
Introduction
These are indeed volatile times. Businesses have formidable challenges to navigate: from the implications of a global trade war and the ripping up of political norms, to keeping pace with the rapidly changing legal, regulatory and risk environment.
We hope that this 2025 edition of Issues for Boards offers some practical guidance to help boards and senior management to navigate this environment and plan ahead.
Please contact any of the authors (or your usual Linklaters contact) if you would like to discuss any of these issues further.
1)
Business planning in an unpredictable world
The alliances, institutions and norms that have underpinned the international order for decades are undergoing seismic shifts. The changing geopolitical climate could render operations within a region or country no longer viable or desirable. We discuss sensible preparations which will help enable businesses to make faster decisions if you need to fundamentally change your regional strategy.
2)
Is ESG dead? Far from it
To borrow from Mark Twain, reports of ESG’s death have been greatly exaggerated. We outline why businesses will still need to navigate an evolving and increasingly fragmented regulatory environment and carefully consider their climate-related targets and messaging.
3)
Managing AI risk in 2025: updated guidance
Today’s AI landscape demands that organisations do more than simply adopt powerful tools. They must build robust governance and training structures, maintain thorough oversight, and engage in continuous risk management.
In 2023, we laid out seven “rules” for dealing with AI. In 2025, we assess how far these remain true.
4)
Shareholder activism: getting your house in order
Activist investors continue to target listed companies. They are deploying a variety of methods to attack a company’s business model, structure and returns. A company’s response needs to be both strategic and tactical. In this article, we look at ways that boards can avoid being caught off-guard.
5)
Competition regulation: a lighter touch?
Those engaged in M&A can cautiously anticipate more efficient regulatory processes, a lower intervention rate and increased willingness to approve deals on the basis of a broader range of remedies. However, the review of transactions under foreign investment-related legislation shows no signs of abating, so expect regulatory hurdles to remain. In this article we consider what the current antitrust environment means for global businesses and boards.
6)
Attacks on your reputation: managing misinformation
False information spreading online is nothing new, but its sophistication and reach, along with AI-enabled deepfakes, pose greater challenges than ever. Businesses across all sectors can find themselves in the crosshairs of misinformation or disinformation. Thinking ahead and planning how to respond is a valuable exercise.
7)
New fraud offence: how to be reasonable
From September 2025, any “large organisation” – regardless of where it is incorporated – can face criminal liability in the UK if a person associated with it commits a fraud designed to benefit the business or its clients. The good news is that there is a defence if the business has implemented “reasonable” fraud-prevention procedures. In this article we consider what extra procedures boards should put in place to protect their organisation from potential liability.
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