For many boards, the era of the passive shareholder register is over. So what should boards do when activists come knocking? Our latest episode suggests some answers.

In this episode of our UK Governance & Compliance, Board Priorities mini-series, we get a view of shareholder activism from two hemispheres. Host Will Chalk is joined by Ashurst colleagues Miriam Kleiner from Sydney and Harry Thimont from London.

Together they look beyond the attention-grabbing headlines and consider the underlying trends from Australia and the UK, including the hot button issues likely to raise the ire of activists and the common tactics they employ.

The episode includes pertinent issues that boards should have on their radar, including any perceived weakness an activist shareholder may seek to exploit (e.g. capital allocation, operational inefficiencies, governance weaknesses).

Throughout the episode, Harry emphasises board readiness including, “understanding which institutional investors may support management and which may be on the side of an activist is critical intelligence.”

Will cautions against the assumption that activism is always a case of “us against them” and Harry concurs, “Engaging in constructive discussions can result in an outcome which not only avoids a potentially prolonged and draining campaign, but also has genuine upsides for the company and its shareholders.”

While every campaign is different, having the right response infrastructure in place is always a good idea, as Miriam explains. “Establish the tone and approach to any conversations you're going to have. And really, if it's all managed properly, there should never be a surprise for the board because you're managing your register, you're constantly on top of it, you're constantly talking to shareholders.”

To listen to this and subscribe to future episodes in this governance mini-series, search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at ashurst.com/podcasts.

To receive updates and alerts on the issues raised in this podcast mini-series, subscribe to Ashurst’s regular Governance and Compliance updates.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

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HM Revenue & Customs (HMRC) is better equipped and more determined than ever to address tax avoidance and evasion. In this episode, we explore what companies need to know when an enquiry notice arrives and how to respond transparently and promptly, without letting things spiral out of control.

Ashurst’s Neil Donovan and Sophie Suri are back for the first Corporate Crime & Investigations episode of 2026. This time, they are taking a look at HMRC's enquiry process and how this can lead to a period of investigation and external scrutiny for corporates. They also discuss the heightened detection risk from HMRC’s new whistleblower reward scheme.

Neil warns: "There's a risk this could very quickly spiral into a multi-agency investigation where you're fighting on various fronts and facing a whole spectrum in terms of liability risk." Sophie discusses how to respond to an enquiry notice. Among her practical suggestions, she emphasies the importance of taking advice early, understanding the limits on HMRC's powers, and strong record-keeping so that document requests can be handled efficiently.

To listen to this and subscribe to future episodes in the Corporate Crime & Investigatons mini-series, search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at ashurst.com/podcasts. And you can read about the 2026 global enforcement issues to watch out for in this Ashurst article.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

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It may sound obvious – but it’s also incredibly complex. Geopolitical risk is commanding attention in boardroom strategy again this year. From fragmenting trade to the energy transition, geopolitics is creating uncertainty and reshaping business fundamentals. In this episode we discuss how Boards can take a more proactive and less reactive approach.

In this episode of our UK Governance & Compliance mini-series, we dive into the choppy waters of geopolitics. Business fundamentals are being reshaped by changes to international trade, technology, the energy transition, migration and more. These shifts are interacting with each other to create an extraordinary amount of uncertainty for boards of directors.

“The real strategic question for Boards is whether they’re set up to lead in uncertainty rather than simply to respond to it,” Ashurst’s Nisha Sanghani tells podcast host Will Chalk. “Boards that see it only through a compliance, legal, or government relations lens will always be behind the reality that their organisations are operating in.”

Nisha emphasises that geopolitics is now a critical influencer of long-term value creation. And she considers today’s new world order where public trust in governments and social cohesion have eroded but, in many societies, trust has shifted towards business. “Trust today isn't built through statements. It requires leadership that balances compassion to build legitimacy, robustness to provide direction, and the ability, of course, to reset, to adapt openly as conditions change. And that's why this issue belongs squarely in the boardroom.”

Ashurst’s Florian Drinhausen then discusses how approaches to ESG increasingly vary across political jurisdictions. “Today, Boards have to manage a legal environment where local rules tend to conflict far more with each other than in the past,” he says.

Having pinpointed the main challenges, Nisha and Florian then describe how boards can take a proactive approach to them. Florian emphasises the need for pragmatism over perfection, while Nisha sums it up thus: “The shift Boards need to make over the next three to five years is from thinking about geopolitics purely as a risk to treating it as a strategy.”

To listen to this and subscribe to future episodes in our governance mini-series, search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at ashurst.com/podcasts. To receive updates and alerts on the issues raised in this podcast mini-series, subscribe to Ashurst’s regular Governance and Compliance Updates.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

See omnystudio.com/listener for privacy information.

In this episode of Taxed Out, Vanja Podinic and Colin Little explore why data centre arrangements are attracting intensive and coordinated scrutiny across jurisdictions. They discuss the rise of whole-of-code reviews blending permenant establishment (PE), transfer pricing, intangible licensing and anti-avoidance, and how digitalised business models challenge traditional concepts like “fixed place of business”.

The conversation highlights the pressure points and divergent international approaches and practical takeaways. To hear future episodes of Taxed Out, subscribe via your preferred podcast platform or visit ashurst.com/podcasts.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

See omnystudio.com/listener for privacy information.

The construction phase of wind projects can be fraught with time, cost and quality issues. In this episode, we speak with two industry insiders about some of the common pinch points in the construction of a wind project and explore steps that help minimise the likelihood of contractor/developer disputes occurring.

Ashurst’s Michael Weatherley is joined by two special guests to discuss construction risks in wind projects, including how they can best be  anticipated and mitigated to avoid or manage disputes between developers and contractors. George Fisher is a senior contentious construction solicitor at SSE Renewables and Kia Hua Tan is a senior legal counsel at Seatrium Limited.

The trio considers the unique nuances and curve balls that can hamper wind projects, including  tight margins and split procurements driving complex interface risks. As the discussion makes clear, careful and precise planning is required to allow for things like extreme weather, vessel availability and rising offshore logistics costs.

On cost volatility, both our guests stress the importance of clarity in fixed-price contracts and price escalation mechanisms to avoid surprises later on. They also flag quality issues across package boundaries, suggesting that these require detailed interface matrices and harmonised dispute provisions to avoid protracted blame games between contractors.

To listen to this and subscribe to future episodes in the Caught In The Crosswinds mini-series, search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at ashurst.com/podcasts.

To learn more about the issues raised in this episode, read this article on the Ashurst website.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

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Cyber readiness is rocketing up the agenda for boards in 2026. We explore cyber readiness including new regulatory developments, trends in cyber threats, and practical defences against attacks.

In this episode of our UK Governance & Compliance mini-series, we explore cyber readiness as one of the top risk-related priorities for boards in 2026. We look at the sobering costs of large disruptions —noting the cause is often small-scale security lapses. We explore the changing cyber landscape including the UK’s expanding Cyber Resilience Bill and the shift to operational disruption as the primary threat. Plus, we provide practical guidance for boards.

Podcast host Will Chalk is joined by John Macpherson, an Ashurst risk advisory partner in Sydney. Also joining the conversation are London colleagues Rhiannon Webster, a partner in Ashurst’s digital economy transactions practice, who heads up the UK cyber response and data protection team, and Matt Worsfold, a partner in Ashurst’s risk advisory team.

To listen to this and subscribe to future episodes in our governance mini-series, search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at ashurst.com/podcasts.

To receive updates and alerts on the issues raised in this podcast mini-series, subscribe to Ashurst’s regular Governance and Compliance Updates. Read more about the recent AGC Conference here. And read our latest update here about Narrative and Financial Reporting, and Economic Crime and Corporate Transparency.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

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In this opening episode of Ashurst’s Taxed Out series, partners Vanja Podinic and Colin Little unpack the dominant Australian tax controversy themes from 2025 and what they signal for the year ahead. They explore the ATO’s whole-of-code approach, the escalation of scrutiny on financing and marketing hubs, related-party arrangements and private capital, and the continued interplay between transfer pricing, PE risk, intangibles and anti-avoidance.

Colin and Vanja break down the ATO’s FY25 settlement and certainty data, including the decline in APAs, the rise of bilateral agreements, and growing use of the Mutual Agreement Procedure. They also reflect on the landmark decisions that shaped 2025 from embedded royalties and anti-avoidance in PepsiCo and Hicks, to Division 855 disputes in YTL and Newmont, and the Bendel decision now before the High Court.

Finally they close with the 2026 cases to watch, including Bendel, Tabcorp, Coca-Cola and The Star, and share practical steps for taxpayers preparing for another active year of reviews, audits and litigation.

To follow the series, visit ashurst.com or search for Ashurst Legal Outlook on your preferred podcast platform.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

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2025 followed a year of unprecedented geo-political change. While the markets demonstrated resilience, global tensions, and ongoing conflicts in Europe and in the Middle East continued to have an impact. In the latest podcast the trio describes the trends they are seeing in the market and what to expect in 2026.

The episode is intended to sit alongside, and complement, our annual publication which is available on our website. The publication looks at key highlights and market developments in 2025 and give some predictions for 2026. The publication also covers the key legal and regulatory developments over the last quarter, and the tables summarising the key features of firm offer announcements throughout 2025 can be found at the end of the publication.

To listen to this and to subscribe to future episodes in our mini-series, search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify, or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at ashurst.com/podcasts.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

See omnystudio.com/listener for privacy information.

Following the Government's recent call for the CMA to help drive economic growth, what developments can we expect to see in UK merger control?

In this episode, hosted by Fiona Garside, Nigel Parr, Chris Eberhardt and Tom Punton reflect on the political context driving changes to the Competition and Markets Authority’s (CMA) approach to merger control. The discussion then looks at what the CMA's 4Ps framework means for merger control in practice, including faster timelines and greater engagement between the CMA and the merging parties.

The competition team also consider how the CMA’s approach to remedies is developing, including a greater willingness to consider behavioural commitments. To conclude, the team highlight key developments to watch out for in the year ahead, including key cases and the proposed reforms to the Phase 2 decision-making process.

To listen to this and subscribe to future episodes, search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at ashurst.com/podcasts.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

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Having dissected the latest round of company AGMs at the Ashurst Governance & Compliance (AGC) Conference, our experts regroup to pinpoint the trends that boards and execs should watch out for in 2026.

In the first 2026 episode of our UK Governance & Compliance mini-series, we reflect on the hot topics and key takeaways from company AGMs held across the UK in 2025. We cover a lot of ground in less than 20 minutes – from executive remuneration to shareholder engagement to sustainability reporting and beyond – explaining how companies are responding to the UK’s constantly shifting regulatory landscape.

Podcast host Will Chalk is joined by regular guest Becky Clissmann, sustainability counsel at Ashurst. Also on board are London colleagues John Papadakis, a senior counsel in Ashurst’s incentives practice and Maria McAlister, a senior associate in Ashurst’s corporate transactions practice who focuses on equity capital markets.

In conjunction with our AGM podcast above, our experts summarise key developments to be aware of when preparing for 2026 annual general meetings and compiling the narrative aspects of annual reports. To read the briefing click here.

To listen to this and subscribe to future episodes in our governance and compliance mini-series, search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at ashurst.com/podcasts.

To receive updates and alerts on the issues raised in this podcast mini-series, subscribe to Ashurst’s regular Governance and Compliance Updates. Read more about the recent AGC Conference here, and read our latest AGC Update here.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

 

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