In a world of unprecedented instability resilient boards are evolving to accommodate the changing landscape. They redefine their roles, including sustainability and purpose that go beyond shareholder primacy. They also seek out diverse perspectives and a variety of voices to define the future of success.
The technology used in the boardroom continues to transform the way boards function. Secure platforms permit real-time communication and collaboration between board members that are located in different locations and data analytics can provide deeper insights to help make better decisions. And artificial intelligence can assist with tasks like agenda preparation and risk assessment that allow board members to focus their attention on strategy.
A trend in the boardroom is to incorporate natural lighting into meeting spaces to facilitate healthier and productive discussions. In fact an upcoming Harvard Business Review study ranked the natural light source as the number one office perk, edging out less commonplace options like cafeterias onsite and fitness centers.
As cyber-attacks become a more pressing concern for companies, it’s crucial that directors of boards stay up-to-date in their understanding of the company’s risks and vulnerabilities, so that they can effectively manage cybersecurity. This could mean forming dedicated committees and appointing lead directors. It could also mean investing in training for board members that is specifically tailored.
And, as the pace of change increases and the pace of change increases, adopting a lifelong learning mindset is a must for board directors. They will be interested in the latest issues and consider previously unthought-of options, enabling them to guide management towards new strategies that set the company apart in its field.