In a world of extreme uncertainty, resilient boards are evolving and adapting to a changing landscape of business. They are redefining the lines of responsibility to include sustainability and a purpose beyond shareholder-centricity and including diverse voices and fresh perspectives in the boardroom, to define future success.
Technology in the boardroom is set to continue to transform the way boards function. Secure platforms facilitate real-time communication and collaboration between board members that are located in different locations and data analytics can provide deeper insights that help make better decisions. Artificial intelligence is able to assist in the preparation of agendas and risk assessment and allows board members to focus their attention on strategy.
Another boardroom trend is incorporating natural light into meeting spaces to promote more productive and healthier conversations. In fact, a recent Harvard Business Review study ranked the natural light source as the number one office perk, edging out less predictable contenders like onsite cafeterias and fitness centers.
As cyber-attacks become a more critical issue for businesses, it’s important that directors of boards stay up-to-date on their knowledge of the company’s risks and vulnerabilities so they can effectively oversee cybersecurity. This could involve creating dedicated committees as well as appointing lead directors. investing in specialized board training.
As the pace of change accelerates and the pace of change increases, adopting a lifelong learning mindset is a must for board directors. This will enable them to stay active in their research www.boardroomchallenge.com and uncover new problems that may be lurking in the background. They can also analyze previously unconsidered options, helping management to devise new strategies that differentiate their business from others in their field.