The purpose of this work is to investigate the direct and reverse relationship between foreign independent directors (FIDs) on the boards and different stages of cross-border M&A transactions of Swedish companies. The results have demonstrated the confirmation of reverse relation between board composition in terms of nationality diversity and foreign acquisition activity. The presence of foreign independent director in the boardroom of Swedish company may not be considered as a signal of the firm intention to expand internationally via cross-border M&A. However, overseas M&A deal leads to the appointment of FID for further assistance in more successful performance. Therefore, the globalization of the company’s activity results in the internationalization of its board.