Letter from the Cochairs

The cochairs of the 2025 Blue Ribbon Commission Report on Building a High-Trust Board-CEO Relationship set the stage for the report's actionable guidance.

The relationship between the board and CEO, as with any important business or personal partnership, requires consistent attention, ongoing effort, and a high level of trust—from all individuals involved—to remain effective. Yet, these dynamics are too often left to evolve organically, so that they are ultimately shaped by personalities and implicit behaviors, without clear intention or structure. During a time when business and economic volatility have become the norm and companies must act quickly and decisively under greater stakeholder scrutiny, a strong relationship can be a powerful force multiplier for the organization or, if neglected or undermined, a significant impediment. 

As cochairs of this year’s Commission, we drew on first-hand experience from navigating the board-CEO dynamic together at USAA. We enthusiastically took on this work, leading a group of well-experienced governance leaders—many of whom have served both in the boardroom and the C-suite—to explore how boards and the CEO can work together most effectively. The consensus is that directors and CEOs alike recognize the strong benefits of investing in this relationship and that trust is the critical enabler for maximizing its value. 

This year’s Blue Ribbon Commission report offers a playbook of practical, actionable guidance tailored to boards and CEOs, recognizing the interdependence of the relationship. The Commission’s recommendations reflect practices with which boards and CEOs may already be familiar. What is needed now is not a reinvention, but a deeper commitment to implementing and refining leading practices with greater intentionality, consistency, and responsiveness which is attuned to present realities.