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For nearly two decades, PwC’s Annual Corporate Directors Survey has provided critical insights into the evolving dynamics within US boardrooms. Over this period, we’ve charted the shifting priorities, expectations and pressures facing directors. Our 2025 survey reveals an unprecedented inflection point that underscores a profound and pressing need for greater accountability within boards.
Directors increasingly recognize that their effectiveness — and, by extension, their ability to provide effective oversight — hinges significantly on confronting underperformance head-on. To that end, directors must embrace candid self-assessment, challenge complacency and proactively refresh their boards to help align with strategic goals, stakeholder expectations and rapidly evolving market dynamics.
This year, our report not only highlights areas where boards tell us they are falling short but provides practical pathways for directors and executives committed to change. It is our hope that this report serves as a roadmap, enabling boards to take decisive action toward driving sustained corporate success.
Key findings
More than half of directors think someone on their board should be replaced
Directors agree they can take specific actions to improve board effectiveness
Board appointments still largely focus on traditional expertise
Most directors don't believe their boards' assessment process generates meaningful insights
Few directors say their boards are currently using AI and GenAI
Roadmap for accountability
Throughout our research, one message has emerged: directors are operating in a more complex, more demanding environment, and board accountability must rise to the occasion. Directors recognize the need for change, whether it’s improving individual performance, reassessing board composition or creating space for more open and honest dialogue. But recognition alone isn’t enough.
The path forward requires more than structural adjustments. It calls for a cultural shift, one that begins with individual directors, is reinforced by collective board action and is supported by the executives who partner with them. The following roadmap outlines clear steps each of these parties can take to cultivate a board culture defined by shared ownership and responsibility.
Conclusion
Boards today face rising expectations, and the greatest risk is failing to adapt. Across these findings, one theme is clear: accountability isn’t just about oversight of others — it starts within the boardroom itself. Unlike most organizational structures, boards operate without a traditional hierarchy. Directors are responsible for holding one another accountable in an environment in which peer oversight — not top-down authority — is the norm. This is what makes culture, relationship-building and self-discipline so essential. Without a strong internal commitment to performance improvement, even the most well-structured boards can fall short.
Whether through individual growth, collective reform or stronger board–management partnerships, directors and executives have a clear opportunity to lead by example. With commitment and a shared sense of purpose, the boardroom can evolve to meet the moment and set the tone for the future of governance.
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