In this study, the paradoxical nature of boardroom agility is examined, distinguishing between real adaptive capacity and 'agility theatre' in corporate governance. A systematic literature search, following a PRISMA protocol, was performed based on a search of peer-reviewed articles from Scopus and Web of Science, resulting in a total of 142 articles from 2010 to 2024. The study delineates five themes and distinctly separates 'agility theatre' from analogous concepts, including capability immaturity, impression management, institutional decoupling, and symbolic management. It also presents a novel concept of 'adaptive stewardship,' integrating dynamic capabilities, stewardship, and ESG governance. The causal framework of the proposed model, which includes moderating and mediating relationships, is provided in full. The Malaysian corporate governance environment, with concentrated ownership structures and high institutional isomorphic pressures, is used as an empirical case study. Twelve propositions are developed for empirical testing.