Canada’s Best Private Boards
Courage & Best Practices in Modern Governance
Canada’s Best Private Boards has quickly become a benchmark for private-sector governance excellence. What began as a national search to spotlight leading fiduciary and advisory boards has grown into a wider conversation on the hallmarks of sound governance in a fast-changing business landscape.
This year’s summit drew a cross-section of accomplished leaders from founder-led and family-owned companies managing succession challenges, to employee-owned businesses navigating due diligence, and institutional-backed firms scaling internationally. The discussions were both timely and actionable, focusing on pragmatic solutions for today’s governance challenges.
It was a celebration of transformational leadership, centered on the overall theme of courage in focused board efforts: the vision to establish impactful boards, the bravery to pioneer best practices in governance, the vulnerability to lead with transparency, and the resolve to ask vital, sometimes uncomfortable questions. Richter returned as Presenting Sponsor of the program, which was established by MondouxRollins Partners. This aligns perfectly with Richter’s long-standing commitment to helping generational family enterprises navigate governance with strategic clarity and a balanced, human-centred approach. The Summit concluded with The Boardies awards, recognizing companies that set new standards in governance.
Below are some of the standout themes helping shape the next era of excellence in board stewardship.
Advisory Boards
Advisory boards provide valuable mentorship, strategic guidance, and accountability which are crucial for navigating short-term challenges and long-term growth. External directors can be instrumental in decision-making and risk management as long as there is trust and alignment with company values. Effective board members go beyond consultation, offering strategic insight, steady support, and a perspective that drives both sustainable growth and resilient decision-making. What happens outside and beyond the meetings themselves is just as important, with these trusted relationships being called upon as priorities and urgencies arise.
Fiduciary Boards
Fiduciary boards can provide structured oversight that supports effective decision-making, succession planning, and long-term strategy for private enterprises. Transitioning to a fiduciary model requires both a cultural shift, disciplined governance practices, and critically, a willingness from owners to adjust the overall control dynamics within the enterprise. For organizations that are shifting to this type of board structure, it’s important to implement this carefully and thoughtfully, allowing the organization time to adapt without becoming overwhelmed.
Board Compensation
Board compensation is not a one-size-fits-all approach, rather it should reflect a company’s stage, industry nuances, role complexity, and strategic needs. Private companies are now creatively structuring compensation: while cash compensation to board members remains prevalent, equity (or equity-like vehicles) and phantom stock arrangements are on the rise. More and more, compensation arrangements are focusing on establishing transparency of expectations and clear communication of responsibilities.
Succession Planning
Succession in private and family-owned businesses is about more than identifying the next leader, it’s also about preparing the organization and its people for a smooth transition. Effective succession planning involves clarifying roles, developing leadership capabilities, and engaging both shareholders and key stakeholders to ensure alignment with long-term strategy. Advisory and fiduciary boards support this process by providing objective guidance, offering mentorship, and helping balance continuity with fresh perspectives, all while safeguarding the company’s culture and values.
CEO-Board Relationships
A strong CEO–board relationship is essential for navigating change and driving growth. For private businesses bringing in both investors or board members, clear communication and mutual understanding are critical. CEOs should feel comfortable seeking out advice and sharing challenges openly, while board members need clarity on their role, the expertise they can offer, and how they can support strategic decisions. When this dynamic works well, the board becomes a true partner in transformation, helping the organization balance continuity, innovation, and long-term success.
Looking Ahead
High impact boards have moved well beyond simply performing reviews and ‘checking items off the list’. Rather, they balance compliance with strategic oversight, mentoring, and shared accountability. Success hinges on building trust, sharing willingly, and ensuring board members are truly invested in and aligned with the organization’s future. Modern boards have evolved from passive reporting to active, strategic thought leadership.
As with the Canada’s Best Private Boards Awards program, Richter believes strongly in helping shape the conversation around modern governance. Achieving clarity, accountability and a human-centered approach in overall board planning can be a significant strategic advantage to a family-owned or private enterprise. In doing so, Canada’s private boards will continue to be more intentional, more agile, and more collaborative.
