2025 Private company board survey insights

To gain a better understanding of the challenges facing U.S. private company boards in their oversight of strategy—given the pace of change, disruption, and uncertainty—the KPMG Board Leadership Center surveyed nearly 275 private company directors from March to June 2025.

From the board’s perspective, what are the most challenging aspects of strategic planning for management in this environment? Where can boards add the most value—both in the strategic planning process and in scenario planning?

Two years ago, in our 2023 Private Company Director Survey, nearly two-thirds of directors said that the greatest opportunity for improvement in board oversight was in strategy. Given the current business environment—from new policies on tariffs and trade, recession and inflation risks, and ongoing wars, to cybersecurity threats and the transformative implications of AI—our 2025 survey takes a closer look at the challenges boards face in oversight of strategy and where they can add the most value.

Key takeaways include insights on the following:

• The strategic planning process and related oversight
• Scenario planning and related oversight
• The impact of GenAI on the strategic plan
• Where the board adds value

The report also includes quotes from directors, aggregate survey findings, participant demographics, and a detailed appendix by role and company ownership, revenue, and sector.