What the Best Private Company Boards Are Doing Differently

Eight major themes from our Canada's Best Private Boards program

By Jennifer Mondoux,
Founder and Chair, Canada’s Best Private Boards

November 27, 2025

Private companies are increasingly using board governance as a mechanism to drive growth and performance.

Here are the eight major themes shaping private company governance today, as uncovered through our groundbreaking Canada’s Best Private Boards program (now entering its third year):

1. Private company boards are born out of necessity.

   A founder's passing, rapid growth, the need for a pivot, dysfunctional decision making or even a growing self-awareness from the leadership team themselves that additional expertise is required are some of the catalysts behind the creation of a board in a private company – it's a strategic and deliberate move to mitigate risk and drive towards the future. 
   

2. Private company boards are continually evolving.

   Private company governance generally starts small, and typically as an advisory board. Over time, that structure matures and evolves. Transparency, accountability and strategic oversight increase. Risk analysis and long-term planning become more deliberate. Committees are introduced, and processes become more robust. A shift to fiduciary boards takes place, but not always as many private companies opt to develop a more robust advisory board structure instead.
   

3. Private company boards drive strategic growth and scaling. 
   Boards help private companies scale faster. They guide entry into new markets, define multi-year roadmaps and refine product offerings. They help companies pivot their technology, shape long-term strategy and navigate a myriad of options, including capital raises, M&A, spin-offs and equity structuring.
   

4. Private company boards are instrumental in leadership transitions.
   Succession is a key board responsibility and treated as a strategic imperative. Effective boards ensure that clear, multi-layered transition plans with defined roles, timelines and emergency contingencies exist. There is a focus on the development of internal succession candidates and next-gen leaders (e.g. family members), while a parallel external recruitment strategy runs alongside.
   

5. Private company boards value diverse skill and external perspectives. \
   Independent directors with diverse expertise are intentionally prioritized, and recruitment of these individuals is focused on emerging needs – not just legacy credentials. These boards also seek diversity of industry experience in technology, finance, operations, AI, cybersecurity and global or capital expansion to broaden perspectives.
   

6. Private company boards design themselves to manage complexity.
   Private company boards are designing governance structures that allow them to tackle issues more effectively. This includes developing a committee structure – most commonly Audit, Nomination and Governance, and Compensation and Succession – so that board conversations can be more strategic. A robust committee structure also allows for better management of complexity, ensures specialized oversight and establishes clear lines of structure and accountability.
   

7. Private company boards are deeply embedded with the leadership team.
   Winning private company boards are extensions of the leadership team, reflecting and reinforcing company values while providing hands-on mentoring. Directors act as sounding boards, offering constructive challenge, emotional support, personal encouragement and real-time feedback. They invest in CEO growth through executive coaching and leadership programs.
   

8. Private company boards help navigate crises and develop resilience.
   Private boards become instrumental during crises, helping steer the ship through financial downturns, market shifts or unexpected events like COVID-19. They provide support, stability and clarity while guiding companies as they pivot or restructure during turbulent times. Boards also help prepare organizations for future disruption and challenges.

Gone are the days when the board consisted of your accountant and your lawyer, especially for those interested in a true escalation of performance. Winning private company boards are true drivers of strategic growth, backed by relationships built on trust and mentorship between board members and the executive leadership teams.

Find out today how we can help you build a better board: https://www.mondouxrollins.com/contact

About The Author, Jennifer Mondoux: 

Jennifer Mondoux, CEO and Managing Partner, MondouxRollins Partners Inc.; Chair and Founder, Canada’s Best Private Boards

Jennifer Mondoux is an executive search professional and human capital advisor, with nearly two decades’ worth of experience working with private companies. An exceptional search professional, she has helped dozens of founders and entrepreneurs of mid-market companies build out their senior leadership teams. Jennifer is seen as a trusted advisor, with an expertise that allows her to guide clients through the lifecycle of their talent needs. This includes compensation design, performance management, market mapping, as well as other more highly specialized services in M&A talent mapping and executive communications. In addition to her deep relationship with her entrepreneurial clients, Jennifer is connected both regionally and nationally with senior leadership candidates as well as with a network of professionals in private company leadership and governance. She is also the Founder and Chair of Canada’s Best Private Boards, a first-of-its-kind national and annual program that recognizes the impact of governance on the performance of private companies.

About MondouxRollins Partners Inc.:

MondouxRollins Partners Inc., is an executive search and human capital advisory firm. We are a group of specialists, equipped with decades of experience providing talent solutions for private companies. We are risk-mitigators, trusted advisors and relationship-builders, and we are your one-stop-shop through the entire talent lifecycle - for your team, or for your board. We are also the founders of the Canada’s Best Private Boards program, a first-of-its kind national and annual awards program that recognizes the impact of governance on the performance of private companies.

Media Contact: 

Tennyson Kainz-Potter, Associate, Marketing and Communications 
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