NACD Private Company Quarterly Survey — Q3 2026

AI and Talent Dominate Private Company Board Agendas

Artificial intelligence (AI) remains the leading business priority for private company boards—and the pace of adoption is testing whether governance can keep up. Directors described disruption across business models, customer behavior, operating models, cybersecurity, and talent. Companies are pressing for speed and return on investment even as governance, ethics, and oversight continue to evolve.

Fielded Sept. 3–19, the Q3 2026 survey asked directors to identify the top business issues for their board in Q4 2026. Respondent quotations are anonymized and presented in italics.

What are the top business issues on your board's agenda in the upcoming quarter?
(Private company respondents. Respondents could select up to five issues.)

NACD Quarterly Survey – Q3 2026, Private company respondents, n=68

Artificial Intelligence

Consistent with the Q2 2026 survey, AI remains the top business issue for private company respondents. Deployment shows little sign of slowing. One director said companies “need to just keep up!”; another called for a “cautious but fast-paced approach.” Together, the comments capture the board’s central challenge: enabling speed while maintaining disciplined oversight. Boards must consider where management must move quickly on AI, where restraint is required, and what evidence will demonstrate value within the company’s governance and ethical guardrails.

Shifting Economic Conditions

Economic uncertainty rose as a board priority, selected by 53 percent of directors. Volatility is complicating long-range planning and investment decisions, increasing the importance of rigorous assumptions, scenario analysis, and capital discipline.

Directors identified consumer health, interest rates, and inflation as key demand variables. On Sept. 16, the Federal Reserve announced a quarter-percentage-point increase in the federal funds rate, citing elevated inflation.

As one respondent observed, “consumer behavior has changed and we are working on understanding where the new baseline is and how to adjust accordingly.” The implication for boards is clear: historical assumptions may no longer provide a reliable basis for forward-looking decisions. Boards need to consider which assumptions underpinning forecasts, scenarios, and capital allocation are most exposed to shifts in demand, interest rates, inflation, or economic volatility.

Cybersecurity Threats

Cybersecurity threats were identified as a board priority by 38 percent of private company directors. Respondents noted that AI is “accelerating” and “amplifying” cyber risk, while the expanding use of digital controls is increasing exposure. As attacks become more sophisticated and diverse, one director noted that “tremendous resources are spent on playing defense instead of offense.” Boards need to ask if the organization’s cyber investment is proportionate to the company’s risk appetite and critical exposures, and if it is strengthening resilience without displacing growth.

Competition for Talent

Workforce concerns remained a top-five issue, selected by 35 percent of directors. Several cited shortages of blue-collar workers; as one respondent said, “Skilled blue collar workers are becoming very hard to find, and the cost to employ them is increasing sharply because of the lack of supply.” Directors also pointed to demographic shifts and the retirement of experienced employees. Together, these pressures elevate workforce planning from a hiring issue to a strategic capability risk, compounded by uncertainty over how AI will reshape roles and skills. Against this backdrop, boards may need to probe deeper into workforce strategy and explore whether it addresses both the capabilities required to execute and the loss of experience as workers retire.

Regulatory Requirements

Regulatory requirements climbed from outside the top 10 in Q2 to a top-five concern this quarter, selected by 32 percent of directors. While some respondents welcomed federal deregulatory action, others cited conflicting regulatory signals and growing fragmentation across healthcare, energy, and financial services. For boards, the priority is to understand where divergence could alter strategic choices, investment economics, compliance costs, or execution.

Top Business Issues by Respondent Company Type

NACD Quarterly Survey – Q3 2026

Explore data from public company respondents to this survey here.