In a world that is characterized by unprecedented risk, resilient boards are evolving to adapt to an ever-changing environment. They are redefining the view lines of responsibility to include sustainability and a purpose beyond shareholder dominance and including diverse voices and fresh perspectives within the boardroom to define the future’s success.
The technology that powers the boardroom continues to revolutionize how boards function. Secure platforms enable real-time communications and collaboration between directors located across different locations and data analytics can provide more information to aid in making better informed decisions. Artificial intelligence is able to assist with tasks such as agenda planning and risk assessment and allows directors to concentrate their time on strategy.
A trend in the boardroom is to incorporate natural light into meeting spaces in order to promote healthier and productive conversations. A recent Harvard Business Review survey ranked natural light as the top office perk. It topped more predictable contenders such as cafeterias, fitness centers or even onsite cafeterias.
Cybersecurity is becoming a bigger concern for businesses. It is crucial that directors of boards remain up-to-date with the risks and weaknesses of their business to ensure that they are able to manage cybersecurity effectively. This may involve establishing specific committees, appointing the director who is the lead or investing in specialized training for board members.
Board directors should adopt an ongoing learning mindset as the pace of changes accelerates. This will help them remain interested in the latest issues and examine previously unconsidered options, and thereby direct management towards strategies that distinguish the company within their sector.