In a time of unprecedented uncertainty, resilient boards are adapting and evolving to a changing business landscape. They are redefining lines of responsibility to include sustainability and purpose beyond shareholder-centricity and including diverse voices and fresh perspectives in the boardroom to determine future success.
Technology in the boardroom is set to continue to transform the way boards function. Secure platforms permit real-time communication and collaboration between geographically dispersed board members while data analytics provide deeper insights to help make better decisions. Artificial intelligence can also assist in the preparation of agendas and risk assessment which allows board members to focus their attention on strategy.
A trend in the boardroom is to incorporate natural light into meeting rooms to facilitate healthier and productive discussions. In fact, a recent Harvard Business Review study ranked the natural light source as the number one office perk, beating more obvious options like cafeterias on site and fitness centers.
Cybersecurity is a growing issue for businesses. It is essential that directors of boards stay up-to-date about the risks and vulnerabilities of their organization so that they can manage cybersecurity effectively. This may mean creating dedicated committees and appointing lead directors, or investing in training for board members that is specifically tailored.
As the pace of change speeds up and the pace of change increases, adopting a lifelong education is a must for board directors. This will help them remain open to new issues and consider previously unthought-of alternatives, enabling them to direct management towards strategies that differentiate the company within their sector.