NACD Quarterly Survey: Q1 2026 - Private Company

AI and Geopolitical Volatility Overtake the Economy on Private Company Board Agendas 

The impacts of artificial intelligence (AI) are the dominant business focus on private company board agendas. The latest NACD Quarterly Survey findings also show that geopolitical volatility is a top concern amidst ongoing military actions against Iran, with political risk and inflation moving up the agenda. Change and uncertainty were consistent themes this quarter and boards will need to continue to pressure test key strategic assumptions as management teams navigate the shifting terrain.

The "Q1 2026" survey was in the field from March 19 to April 1, and asked directors to identify the top business issues on their board's agenda for Q2 2026. (Quotes from survey respondents have been anonymized and appear in italics throughout.)

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

NACD Quarterly Survey - Q1 2026, Private company respondents, n=56

AI, a top-three board topic throughout 2025, emerged as the leading oversight area this quarter with one respondent summarizing the challenge as: "Governance versus Innovation: Balancing the 'Fear of Missing Out' with the 'Fear of Messing Up'." Seventy percent of private company respondents selected AI as a top issue, a significant increase from 59 percent in the Q4 2025 survey. The focus on AI is closely linked to cybersecurity — the fourth ranked business topic. Respondents pointed to the "constant increase in attacks, continuous spending, and the rise of AI generated threats."

Geopolitical Volatility and Political Risk Climb Board Agendas

The survey was in the field amid escalating conflict with Iran and rising energy prices. Boardrooms are focusing on how these impacts will play out. For example, "Policy uncertainty is increasing across major economies, with governments balancing inflation control, energy security, and geopolitical pressures".

Commenters also pointed to increased attention to supply chain disruptions, an issue that has been a top ten concern since Q4 2024: "Global supply chains seem to be at risk everywhere, most recently, of course the Strait of Hormuz, but we also look at issues with China and Taiwan and other choke points and channels. "Several business leaders also connected policy risk (the sixth-highest rated issue) to the disconnect (or worse) between federal and state policies. Another responder pointed to changes in public spending, advising: "Boards should ensure the company is not overly dependent on government support and is prepared to invest in its own R&D capabilities."

Shifting Economic Conditions Remain a Focus

While the economy is still the highest rated issue for larger and publicly traded companies, private and smaller companies rated it the third-most important topic. A respondent summed up concerns by saying "shifting trade issues across the globe as well as energy pricing will continue to impact CAPEX investment." Inflation is also moving up the business agenda as respondents highlight the links between the cost of labor, building, energy and healthcare. Respondents expressed concern about the impact of inflation on the Federal Reserve's actions on interest rates.

Competition for Talent

While competition for talent has dropped as an area of focus relative to other priorities, it remains a higher-level concern for private companies (top-five) than it is for public companies, in part due to succession planning challenges for some private firms. For example, one family-owned firm indicated that they are currently, "Navigating through and managing the risk of both BOD Chairman and CEO transitions."

Top Business Issues by Respondent Company Type

NACD Quarterly Survey - Q1 2026

Explore data from public company respondents to this survey here.