

Kingsdale Advisors Founder and CEO Wes Hall is featured in the March/April 2026 edition of ICD's Director Journal, weighing in on one of the most consequential questions facing Canadian business leaders right now: what should boards be doing before the CUSMA review?
Wes, who sits on the Prime Minister's Council on Canada-U.S. Relations, is direct about where things stand. Free trade with the United States, as we have known it, is likely over. What comes next will be a trade agreement, but not a free one. For boards that have been operating on the assumption that North American trade will eventually return to normal, that distinction should be a wake-up call.
The article lays out a clear-eyed framework for directors navigating this shift. That means modelling downside scenarios beyond CUSMA, rethinking supply chains, and preparing for permanently higher tariffs not as a temporary disruption, but as the new baseline. The boards stress-testing these scenarios today will be far better positioned than those waiting to see how negotiations unfold.
As Wes puts it, “It has to be baked in now. We can't just hope and pray.”
The piece also addresses the broader structural challenge facing Canadian companies, including the urgent need to diversify trade relationships, reduce dependence on the U.S. market and build the kind of world-class businesses capable of competing globally. The message throughout is consistent: complacency is no longer an option.
Read the full article, “A Playbook for Tariffs and Uncertainty: What Directors Should Do Before the CUSMA Review,” in ICD’s Director Journal.
Directors looking for strategic advice to get ahead of what could be a very different trade landscape by year's end, please email strategy@kingsdaleadvisors.com.

Latest Insights
Balancing Proxy Advisory Influence: The Case for Enchanced Retail Participation
Corporate governance in North America is increasingly shaped by institutional investors and the policy frameworks of two proxy advisory firms: ISS and Glass Lewis. With retail voting rates at historic lows, advisory defaults currently dictate thousands of proxy outcomes.
LSEG Ranks Kingsdale 4th Globally in Shareholder Activism
Kingsdale Advisors has been named the #4 global proxy solicitor in the LSEG Global Shareholder Activism Review – 1H 2025.
Kingsdale Ranked #1 Proxy Solicitor in Canada by Bloomberg
Kingsdale Advisors has been recognized as the #1 proxy solicitor in Canada for company-side engagements in Bloomberg’s H1 2025 Global Activism League Tables.

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.
