The most critical factor in the success of a private company board is the relationship between the CEO and board members. In a publicly owned company, the principal roles of the board are to hire and fire the CEO.

But this is not usually the case in a private company. So much can be in play:

• Is the CEO an owner (or the owner)?
• Is the board advisory or fiduciary?
• Is the board composed of only “insiders,” or is it balanced with independent directors?
• Do the shareholders want the board to be active or passive?

The Private Company Governance Summit 2023, sponsored by Miles & Stockbridge, will wrestle with the various types of board/CEO relationships, and focus on tools and approaches that will strengthen the effectiveness of both directors and the C-Suite.