For decades, board refreshment has been treated as a behind-the-scenes process typically managed by a small circle of insiders, rarely scrutinized even by shareholders, and often overlooked by everyone else. Directors at public companies were usually elected as part of uncontested slates, often with 95% or greater shareholder approval. At privately held companies, processes were typically informal. Individual contributions were rarely examined. Refreshment was more ritual than strategy.

But in today’s environment, that approach is no longer sufficient. Only 47% of CEOs and directors we surveyed recently are confident their board refreshment practices are positioning them well for the future.¹ Boards are under pressure—not just to oversee the business of today, but to help shape the future of the enterprise, and all in a context of ongoing uncertainty and volatility. A majority of leaders noted in another recent survey that they expect their CEO succession practices to have increasing influence on valuation.² Stakeholders of all kinds are seeking assurance that companies’ governance condition is strong, and yet, when asked what their company does in relation to corporate risk and operations, only 26% of respondents report doing six or more assurance activities related to leadership below the CEO and board level.

In this context, adopting and disclosing effective leadership attraction, assessment, and succession practices is not simply a governance best practice—it’s a performance imperative. And it starts with the board itself.

Board refreshment’s connection to long-term advantage

A survey we conducted of CEOs and board members in markets around the world in late spring 2025 delivers a clear message: boards that approach refreshment as a strategic, ongoing discipline are significantly more likely to report that they are well-positioned for the future—and that their companies are positioned to outperform peers over time.

We asked these leaders whether board refreshment was a priority for their board and whether they treated it as one:

• Only 28% of directors—a group we call “strategic board refreshers”—see refreshment as a strategic priority and act accordingly.
• A majority—52%—recognize its importance but allow other priorities to overshadow it.
• 19% do not see it as a priority.

Of course, these figures vary by company ownership, size, market, and even sector. Family-owned companies, by a slim margin, are most often strategic refreshers, followed by PE-backed companies and large public companies.³ But the group of strategic refreshers includes companies across all ownership types as well as across markets, sectors, and sizes.

For a detailed look at the demographics of companies in all three board refreshment groups, see this chart for additional context.

Strategic refreshers treat board composition as dynamic: continuously evaluating skills, perspectives, and contributions relative to the business they’re building, not just the one they’ve led. They don’t wait for retirements, external pressure, or internal dysfunction to refresh the board. They evolve proactively—because they know stagnation is the enemy of sustained performance.

By contrast, boards that defer refreshment—whether due to tradition, interpersonal loyalty, or operational distraction—risk falling out of sync with strategic shifts, particularly as volatility persists. These boards are more likely to retain underperforming directors, miss opportunities for renewal, and fall behind competitors over time.

Refreshment as daily hygiene, not emergency surgery

The different types of companies in the group of strategic refreshers each approach governance differently. But in every context, the question is the same: Is your board fit for the future?

The expectations are clear: stakeholders and shareholders alike want to see strategically aligned, transparent, and resilient governance—not just in policy, but in practice.

Effective refreshment doesn’t require a disruptive overhaul to any board’s current practices. Like toothbrushing and flossing, these routines are simple and inexpensive—but ignoring them leads to decay, pain, and costly and time-consuming interventions.

Strategic refreshers treat director evaluation and renewal as a continuous process. They highlight more planful, continuous, and transparent approaches to both evaluating existing directors and engaging with prospective directors. These steps aren’t just about governance—they’re about strategic agility, resilience, and performance.

Encouraging signs, but work remains

Most directors in our survey, 84%, report increased investment in board refreshment, spurred most often by increased expectations and uncertainty. The 52% of respondents who see board refreshment as a priority but don’t act on it are increasing investment almost as often as the strategic refreshment group. It is likely that they see the benefits of more action as being within reach; beyond ensuring refreshment gets sufficient time on their agenda, the areas these leaders most often seek to improve are transparency, building relationships with potential board members well in advance, and making refreshment continuous.

As you consider your approach to board refreshment, we suggest starting with these questions:

• How would you characterize your organization’s approach? Strategic? Traditional? Reactive?
• How well does your approach position your organization for the future?

Then, considering these recommendations can help you make progress where you most want to:

1. Treat board refreshment as an ongoing discipline, not a discrete project. Scheduled maintenance drives better outcomes and is the best defense against costly and time-consuming emergencies or attacks.
2. Establish well-defined practices for removing poor-performing contributors to your board within and outside of election cycles and term or age limits.
3. Link board refreshment (and CEO succession planning) to your strategy and risk-planning cycles. At a minimum, review the board matrix at each turn in the planning process.
4. Leverage others. Strategic board refreshers engage the chief people officer and corporate secretary—and get the most out of outside providers. This leverage, alongside steady maintenance, will remove distractions and keep you focused on your strategic agenda.
5. Improve transparency. Adequately disclose your practices in your financial filings or on your website, in private contexts, and to your limited partners or owners. Disclosure of effective practices, done well, improves investor/owner confidence and peace of mind.

Board refreshment is too often treated as a procedural task, but it is in fact a key lever of performance. Done well, boards are better prepared to avoid costly distractions, whether from activists, proxy advisers, or emergencies. And they are laying the value for longer-term value creation. Boards that embed ongoing renewal into their culture and their agenda are better equipped to challenge management, guide long-term strategy, and outperform peers.

Read the full report by downloading the PDF.

References

¹ “CEO and board confidence monitor 2025: Persistent concerns, pockets of increased confidence,” Heidrick & Struggles, February 5, 2025, heidrick.com.

² Route to the Top 2025 | The Ascent Redefined: Charting More Effective Routes to the Summit, Heidrick & Struggles, July 23, 2025, heidrick.com.

³ For more on how family-owned boards approach refreshment, see Jay Bevington and Suresh Raina, “Board effectiveness focus: Best practices for family business succession planning,” Heidrick & Struggles, August 14, 2025, heidrick.com.