NACD Quarterly Survey: Q1 2025

Boards and Directors Prepare for Economic and Geopolitical Uncertainty 

Economic conditions, geopolitical volatility, and political risk all rapidly climbed boards’ priority lists, according to the NACD Quarterly Survey findings, with the new administration’s tariffs serving as a key driver across all three trends. The “Q1 2025” survey was in the field from March 13 to March 26, and asked directors to identify the top business issues on their board’s agenda for the upcoming quarter. (Quotes from survey respondents have been anonymized and appear in italics throughout.) 

What are the top business issues on your board's agenda in the upcoming quarter?

NACD Quarterly Survey – Q1 2025, n=299 

Key findings: 

Shifting economic conditions 

It is not unusual for the economy to be a top issue for boards, but it is the predominant boardroom concern this quarter, with three out of every four respondents selecting it as a top concern. This is unusual, especially when compared to survey data across the last four quarters, when the percentage of respondents selecting it as a “top issue” ranged from 43 percent to 58 percent. 

One respondent noted, “economic and political uncertainty is never good for business,” a sentiment expressed in different ways by many respondents. 

The pace of implementation of tariffs was noted by many respondents as a source of uncertainty. There is a perception that tariffs are being implemented in a “haphazard” way, making business planning extremely difficult. “Tariff wars will impact our customers and wreak havoc on strategic forecasting,” noted one respondent. It is noteworthy that responses were collected in late March, prior to President Donald Trump’s “Liberation Day” announcements on April 2, 2025. 

Geopolitical volatility 

Many respondents observed that the United States’ political stance relative to its allies and adversaries is changing, and that this change is “impacting political relationships and influence globally.” One respondent noted, “our economy was largely built on a foundation of peace through trade over the past decades; that’s no longer a given.” 

All of the changes are viewed by many respondents as a source of instability. One respondent pointed out that “Global instability causes the markets to perform erratically; therefore, publicly traded company boards of directors must address this issue, especially if it impacts the company.” 

Political risk 

Political risk rounded out the top three business concerns. Respondents’ comments pointed to the risks of alienation of international markets and division within the US population as bad for business. The rapid pace of policy implementation is viewed as impacting consumer confidence and business planning. As one respondent noted, the current “political landscape makes everything unpredictable and is making it difficult to anticipate the future.”