Industry-expert independent directors and corporate governance: A systematic literature review

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Abstract

This study systematically analyzes corporate board composition with a focus on the critical role of industry-expert independent directors (IEIDs). A systematic literature review (SLR) was conducted using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework (Khan et al., 2025). Searches across major academic databases, including Scopus, Web of Science, and Google Scholar, were limited to English-language, peer-reviewed studies published between 2000 and 2024. The search yielded 1,482 initial citations. After the screening process, 28 studies met the eligibility criteria for final analysis. The findings confirm that Zimbabwean corporate governance is narrowly focused, with a critical lack of scholarly attention on the specific expertise of independent directors. This contrasts sharply with regional best practices that emphasize industrial skill on boards. Zimbabwean governance codes remain vague on this dimension, leading to boards that formally meet independence requirements but lack the critical industrial foresight (Sifile et al., 2021; Nyakurukwa & Seetharam, 2023). The study provides evidence-based recommendations for policymakers and regulators. Explicitly mandating and strongly encouraging the inclusion of IEIDs would enhance board effectiveness and decision-making quality. This study is the first to use a PRISMA-based systematic review to analyze the missing role of IEIDs.

Keywords: Corporate Board Composition, Corporate Governance, Independent Directors, Systematic Literature Review, Industry-Expert Independent Directors, Zimbabwe

Authors’ individual contributions: The Author is responsible for all the contributions to the paper according to CRediT (Contributor Roles Taxonomy) standards.

Declaration of conflicting interests: The Author declares that there is no conflict of interest.

JEL Classification: G32, G34, O16

Received: 31.08.2025
Revised: 23.09.2025; 08.10.2025; 07.11.2025
Accepted: 25.11.2025
Published online: 27.11.2025

How to cite this paper: Maune, A. (2025). Industry-expert independent directors and corporate governance: A systematic literature review. Corporate Board: Role, Duties and Composition, 21(4), 18–28. https://doi.org/10.22495/cbv21i4art2