Even as FS boards lead in many areas, they must be vigilant in adapting to evolving risks and expectations. For the 2025 survey, we asked directors whether their boards had prepared for different crisis scenarios using tabletop exercises. Across industries, most directors reported conducting exercises for cybersecurity incidents; many had also prepared for potential activist investors. FS directors, however, were significantly less likely than others to say their boards had prepared for potential activism—about half as often as directors in other industries.
While shareholder activism in 2025 was more prominent across the technology, healthcare, and industrials sectors, financial institutions accounted for 12% of all US activist campaigns, up from 3% in 2024. This could signal a need for FS boards to prepare for activism more rigorously moving forward.