In the 1930s, France built the Maginot Line. This was a series of fortifications—fortresses, weapons, and various obstacles to invasion—that was more than 200 miles long. The Line was built for a world of static warfare, for a world of entrenched positions and slow, drawn-out military engagements. It was in many ways a magnificent achievement and would have been of extraordinary military value—in World War I.
The problem, of course, was that World War I was over a decade prior. In May 1940, Germany’s blitzkrieg (“lightning war”) didn’t try to break through the Line. It simply went around it. The Germans launched their attack on May 10 and broke through the French lines within five days.
Generals are always preparing to fight the last war—and we may be seeing this play out in AI governance too.
Faced with intense turbulence and uncertainty, boards appointing new directors are favoring experience. In 2026, current and former CEOs accounted for 37% of appointments, the highest share since 2012, and retired executives made up 54% of new directors. The logic is understandable: In tough times, you err on the side of picking people who have seen it all before.
As I wrote last week, more than four in five S&P 500 companies now disclose AI as a risk , while fewer than 3% of their directors disclose AI expertise. Boards can see where the next threat is coming from, yet they are still staffing for the last one. This means they’re in danger of building a Maginot Line instead of tackling the present danger head-on.
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