NACD Public Company Quarterly Survey — Q3 2026

Economic and Geopolitical Risk Returns to the Top of Public Company Board Agendas

Economic conditions and geopolitical volatility have reemerged as leading board priorities, according to the latest NACD quarterly survey.

The Q3 2026 survey was in the field from Sept. 3–19 and asked directors to identify the top business issues on their boards’ agendas for Q4 2026. The survey captured responses from 125 respondents serving on publicly traded company boards. (Quotes from survey respondents have been anonymized and appear in italics throughout.)

For boards, the findings point to a broader oversight challenge: near-term economic and geopolitical volatility is complicating planning and investment decisions even as companies continue to compete for the talent needed to pursue AI opportunities and manage emerging risks.

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

NACD Quarterly Survey – Q3 2026, Public company respondents, n=125

The Economy and Geopolitics

Economic and geopolitical concerns rose up director priority lists relative to last quarter, becoming the No. 1 and No. 3 most selected issues, respectively. Although directors cited ongoing conflicts, they also described geopolitics as an economic risk—particularly where trade policy affects planning, costs, investment, and market access.

Trade wars, actual wars and the impact on the economy [are] making planning and forecasting difficult as well as impacting customers.

Many public company directors observed that recent shifts in US trade policy create significant risks. One development highlighted by directors was the deterioration of trade relations between the US and Canada.

Trade war between US and Canada creates a level of uncertainty for future investment decisions.

On Aug. 22, 50 percent tariffs on an array of Canadian products took effect after negotiations between the two partners broke down. On Sept. 8, Canadian Prime Minister Mark Carney announced a series of counter-tariffs. These counter-tariffs strategically target key industries in states that will figure prominently in the upcoming US midterm elections. Directors serving on boards in targeted industries expressed concern, such as this director of a company in the “agribusiness” space.

These shifts impact severely the industry segment my company operates [in] and if we miss a season, we miss the whole year.

Other directors raised concerns that such disputes may drive anti-American sentiment and global instability.

The rest of the world has given up looking for normalcy from the USA, and its leaders are moving in new directions.

The US relationship with China was also raised by several directors, including one director who cited “US relations with China particularly in our industry” as a top concern. These directors will have been watching the summit meeting between Chinese President Xi Jinping and US President Donald Trump with interest.

In this complex environment, directors must engage management more closely on strategy execution—without crossing the line into management—to effectively provide oversight and ensure the organization retains its strategic focus.

Competition for Talent

As companies pursue AI-enabled efficiencies, competition remains intense for people who can implement those opportunities and defend organizations against AI-enabled threats.

All companies are seeking similar skill sets as we move to AI and combat cyberthreats.

However, there is stiff competition for talent from “hyperscalers”, including the largest technology companies like Amazon, Google, Microsoft, and Oracle.

“We are continuing to bulk up our capabilities in the tech and AI areas,” notes one director.
“As a younger public company, we also have to think about how to migrate our long-term skewed pay structure to attract and retain the talent we need from established larger firms.”

Directors also commented on the talent shortages in areas such as engineering, manufacturing, and construction trades. These challenges are expected to increase as existing workers retire. As a director noted: “A dearth of talent required for the next 5–10 years.”

The result is a talent challenge boards will continue to confront in the coming quarter, which will demand careful consideration across a range of oversight issues, including strategy development and execution, workforce planning, cybersecurity, and executive development.

Top Business Issues by Respondent Company Type

NACD Quarterly Survey – Q3 2026

Explore data from private company respondents to this survey here.