Foreword.

Dear readers,

Boards everywhere are confronting a paradox. Expectations have never been higher, yet the environment in which they must deliver has never been more complex.

Odgers UK recently hosted their annual Chair and CEO dinner in London, attended by nearly 200 senior leaders from an extensive range of industries, with partners from across Odgers' global offices. The event provided a timely reflection amidst the current global turbulence, persistent challenges, compressed strategic cycles and an ever-shifting governance environment. This edition of Odgers Global Board Insights explores how Boards can respond with confidence and purpose.

We begin examining why CEOs and Boards struggle to discuss strategy. Too often, strategy can be conflated with planning, or squeezed out by regulatory demands. Real strategic dialogue requires imagination, shared language and a Chair who can balance oversight with open inquiry.

Our second article looks at what it takes to succeed as a non-executive in a private equity-backed business. With accelerated timelines, intense value creation pressure and deeply hands-on expectations, the PE Board environment can be both demanding and energizing. For those willing to embrace its pace and discipline, it offers a powerful learning curve and a stark contrast to traditional listed companies.

We then turn to proxy advisors, whose influence on voting outcomes, and the strain this places on board-shareholder relationships, has become impossible to ignore. The path to rebuilding trust lies in transparency, dialogue and more tailored engagement. With AI set to transform how votes are analyzed and cast, boards face new questions about accountability, nuance and the limits of automation.

Finally, we look at Europe, where our latest evaluations reveal a striking truth: strong board leadership is on the rise, but critical gaps in people and skills are holding many boards back. These findings serve as a reminder that even well-regarded boards must continue to evolve.

One message echoes clearly. The boards best equipped for the years ahead are those that lean into change rather than resist it, investing in their own capability, elevating the quality of challenge and engaging more openly with stakeholders and management alike.

I hope you enjoy this edition and the perspectives it brings.

Mark Freebairn

Head of Global Board & CFO Practice