Inspectors have repeated their criticism of leadership at Cademuir International School in Moniaive and promised a further review by next summer.
The independent school for gifted children in Dumfries and Galloway first came under fire four years ago when the leadership of Robert Mulvey, the former principal, was said to be unsatisfactory.
Mr Mulvey remains as owner of the school and chairman of the board of governors but was not available during the latest inspection.
The school has now met three of the five points for action from the 2001 inspection but “lack of stable and effective leadership” remains its continuing weakness.
Three staff have shared the role of acting principal.