The 2026 proxy season is unfolding against a backdrop of heightened geopolitical challenges, persistent trade, labor and industrial policy tensions, and accelerating regulatory focus—including concerning AI, data security, climate disclosures, national security, and shareholder rights. These factors, combined with ongoing regional conflicts and realignments in global supply chains, continue to inject uncertainty for both companies and investors. Institutional investors and their portfolio companies will have to navigate a complex interplay of economic and political uncertainties, with direct implications for governance and stewardship priorities. These pressures are sharpening the focus on corporate risk oversight, supply‑chain resilience, M&A strategy, executive compensation alignment, climate and sustainability recalibrations, and human capital management, while simultaneously placing heightened emphasis on effective board oversight, accountability, and decision‑making. This report summarizes some of the top governance and stewardship issues likely to be facing investors—and companies—throughout 2026, and particularly through this year’s main proxy seasons.