Case Study: Apple Tree Partners and Rigmora Holdings

The bankruptcies of four biotech companies are a tragedy of governance as much as finance. They remind us that in the venture ecosystem, the stability of a startup is only as strong as the weakest link in the chain of capital. For the next generation of founders, "knowing your investor" must include knowing who is investing in them.

BoD, corporate governance, risk, sagaciousthinkLouAnn ConnerJanuary 18, 2026#risk, VC, funding, funding risk, #corporategovernance, board of directorsComment

Case Study: Hilton's Response to Their Franchise

There are lessons to be considered in Hilton’s response to one of their franchisees' refusals to serve federal agents earlier this month in Minnesota.

Background: A franchise property (under the Hilton/Hampton brand) gained media attention when it was reported that it canceled reservations for federal government employees tied to the recent anti-immigration efforts. Hilton quickly stripped the hotel of its branding for refusing service to federal agents.

For leaders of Small and Medium Enterprises (SMEs), this is not just a "big brand" problem. It is a cautionary tale about how decentralized operations can create reputational issues that need to be swiftly addressed.

The AI Governance Gap: When Oversight Falls Between Committees

A board member recently confided: "We discuss AI in every committee meeting, but I couldn't tell you who actually owns it." This isn't just confusion—it's a governance gap creating real compliance exposure and regulatory risk.

BoD, corporate governance, risk, AILouAnn ConnerJanuary 3, 2026AI, #corporategovernance, #risk, #boards, #boardcommitteesComment

Governance Overview for both Board and Management, vol. 6

Process Has Become the Primary Line of Defense

Across multiple stories this week, the consistent message is that outcomes no longer protect boards or management — process does.

Courts (e.g., Tesla) are scrutinizing how decisions were made
Regulators (cyber, controls) are assessing board response, not awareness
Investors are focusing on governance discipline, not narratives

If you cannot show independent challenge, documented rationale, and clear ownership, governance will be judged as insufficient — regardless of performance.

BoD, corporate governance, executive pay, riskLouAnn ConnerDecember 29, 2025board of directors, #compliance, #riskComment

Governance Overview for both Board and Management, vol. 4

In boardrooms from Washington to Brussels to Tokyo, the governance story this week is about tension and convergence.

Tension: The EU is scaling back the reach of its sustainability and due diligence rules, while the US is turning up the political heat on proxy advisors over ESG and DEI. At first glance, it looks like a retreat from “peak ESG.”

Convergence: At the same time, cyber and AI are becoming explicit board-level responsibilities; African and South African codes are hard-wiring sustainability into governance; and investors are more vocal than ever on executive pay and board accountability.

Sagacious Thinking

Process Has Become the Primary Line of Defense