Effective governance remains the foundation of long-term value creation. For boards, a central responsibility is ensuring that strategy is not only well conceived but also well executed. In an era where external disruptors can affect all companies, it is execution, guided by strong governance, that differentiates performance.

While public and private companies operate under different requirements, recent data from our 2026 Governance Outlook Survey reveal strong alignment on the trends shaping board agendas and the areas where directors see the greatest opportunity for improvement. Notably, 60 percent of respondents ranked board oversight of strategy execution as their top improvement area for 2026, and artificial intelligence (47.4%) and competition for talent (33.2%) were among the trends directors expect to have the biggest impact on organizational performance this year.

This focus is especially relevant as private companies play a growing role in the US economy. These firms employ more than 77 percent of the workforce, according to research compiled by EY on behalf of the S Corporation Association, and nearly half of our 24,000 members serve on the boards of private companies.

At the same time, the execution of good governance can differ between public and private companies. Board size, engagement with shareholders and management, and the number of independent directors serving on the board may vary.

Against this backdrop, I predict that more private company boards will add independent directors to help them oversee mission-critical issues, such as talent and technology. Additionally, more directors with limited private company board experience will seek these roles to deepen their understanding of such topics in a different governance context.

In recognition of these dynamics, NACD is strengthening its focus on the role of private company directors. Guided by the insights of our members and an advisory committee, you will see a dedicated learning track at our annual Directors Summit^TM, along with more roundtable discussions, webinars, and thought leadership to help these board members learn and adopt best practices. This reflects NACD's dedication to empowering directors and transforming boards to stay on the leading edge of corporate governance.

As this issue of Directorship shows, talent and technology require effective oversight. I believe independent directors will increasingly provide that perspective in the years ahead, and NACD remains committed to delivering the insights and education that board members need to lead with confidence in this evolving governance landscape. ■

Peter R. Gleason