Executive Summary Here's a number that should stop any director in their tracks. In PwC's 2025 survey of US public company directors, 55% said at least one of their own colleagues should be replaced. That's the first time a majority has admitted it out loud. The problem with board effectiveness today isn't that boards are corrupt or lazy. It's that the whole model they're built on was designed to fight the last war. Traditional governance models were engineered after the big