Filling the Gaps: Research and Standards Committee Lays the Groundwork for Evidence-Based Private Company Governance
Private company governance is evolving, and with a variety of governance models in play, the need for practical, tailored standards has never been greater. From knowledge gaps caused by limited research to the lack of resources designed for specific ownership structures, PDA’s Research and Standards Committee (R&SC) is stepping in to address these challenges. By grounding its work in evidence and collaboration, the committee aims to lay the foundation for actionable best practices that meet the unique needs of private companies.
A Foundation of Expertise and Collaboration
With nearly 100 collective years of board experience, the eight-member committee brings together diverse perspectives—from private and public company directors to private equity advisors and family business governance experts. "Unlike public companies with their regulatory frameworks, private companies must develop governance standards that adapt to their specific ownership structures," explained Committee Chair and Arizona Chapter member Karen Mildenhall. "Whether family-owned, private equity-backed, or an ESOP, each model has unique needs—and our goal is to identify both universal principles and tailored solutions."
Building on Existing Research
Though newly formed, the committee has hit the ground running by leveraging data from groundbreaking PDA research collaborations. In 2024, PDA partnered with Arizona State University to conduct the first comprehensive survey of private company directors—a study that will inform the committee’s early priorities. Additionally, the committee is reviewing findings from a collaboration with the Florida Institute of Technology on diversity, equity, and inclusion in private governance. "We’re not starting from scratch," Mildenhall emphasized. "We’re synthesizing existing research to shape forward-thinking standards."
How This Work Benefits Members
The committee plans to translate its research into actionable resources for PDA members, offering insights grounded in real-world Board experiences rather than theoretical frameworks. By focusing on evidence-based practices, the committee aims to provide clarity and guidance for private company leaders navigating governance challenges. "We want members to have access to reliable, practical standards —whether they’re serving on a family business Board or advising a private equity portfolio company," Mildenhall said.
Why This Matters
Strong governance is critical to the success of private companies, and the R&SC is committed to making it more accessible. By leveraging research and member insights, the committee is paving the way for governance standards that are both practical and innovative. "We’re not just looking at how things have been done—we’re focused on what private companies need to thrive in the future," Mildenhall concluded.
Looking Ahead
By mid-2025, the committee will refine its focus areas, with further developments expected in 2026.
How Members Can Contribute
The committee welcomes input from the broader PDA community. Members are encouraged to:
- Share relevant research or studies on private company governance.
- Provide feedback on governance challenges they’ve encountered.
"This isn’t just about our committee’s work— it’s about creating resources that reflect the real needs of private companies," Mildenhall concludes.