In December 2024, two of Kingsdale Advisors’ executive vice presidents sat down with Director Journal to discuss what boards should be watching as they prepared for the year ahead.
The conversation, published in the January/February 2025 issue of the Institute of Corporate Directors’ flagship publication, explored how risk, timing, and leadership would intersect in the months to come. Today, with newly imposed U.S. tariffs on Canadian goods and escalating cross-border uncertainty, much of what was discussed is now reality.
Here are excerpts of our insights from the interview.
“This is all about risk management…the tariff impact is probably much larger than our federal election.”
— Shengjun (Victor) Li, Executive Vice President, Governance Advisory
At the time, the conversation was forward-looking. Now, it feels immediate.
“Every significant corporation in Canada will add the discussion of tariffs to the agenda of their next directors’ meeting.”
— Tom Graham, Executive Vice President, Canada
The interviews called for rigour over reaction, encouraging boards to balance stakeholder expectations, ESG priorities, and market signals with a clear-eyed view of emerging risk.
“Regardless of the timing, it is critical for directors and management to continue to engage with shareholders and other stakeholders during challenging times and be ready.”
— Tom Graham, Executive Vice President, Canada
“Board decisions must also take into account factors such as diverging interest rates between Canada and the United States, differing tax policies, and the comparative value of the two countries’ currencies and productivity rates.”
— Shengjun (Victor) Li, Executive Vice President, Governance Advisory
Kingsdale continues to work closely with boards navigating uncertainty and helping them stay grounded, proactive, and accountable to the long-term health of their companies.
You can read the full ICD Director Journal article, “Hold That Thought?”, here: https://www.icd.ca/insights/director-lens/director-journal/2025/director-journal-january-february
Latest Insights
Aaron Boles Speaks At The 2026 SHARE Investor Summit
Kingsdale President, Aaron Boles, joined industry leaders to explore the emerging role of AI in investment stewardship. The discussion focused on where AI is creating meaningful value, where risks are developing, and what boards must consider as governance evolves.
Why Canada’s “Blue‑Chip” Boards Still Fall Short
Canada’s blue-chip boards have never looked stronger: more diverse, more credentialed, more sophisticated. On paper, this is a governance success story. In practice, governance failures continue to surface, often at companies with the strongest boards. See what separates boards that look good on paper from those that actually work under pressure.
Capital Markets Are Being Rewritten. Boards Can’t Afford to Watch From the Sidelines
The Ontario Securities Commission is seeking feedback on how to build a machine-readable dataset of securities rules and regulatory documents. Comments are open until June 30, 2026. If this touches your world, it's worth weighing in.
When The Stakes Are Highest, Business Leaders Choose Kingsdale
Subscribe to Our Newsletter
* Source: Bloomberg Global Shareholder Activism League Tables FY2025 and LSEG Global Shareholder Activism Review FY2025.
#2025 and 2026 indicate proxy seasons: July 2024 to June 2026.