In the midst that is characterized by unprecedented risk, resilient boards are evolving to adapt to an ever-changing landscape. They redefine their roles, including sustainability and purpose that go beyond the primacy of shareholders. They also seek out diverse perspectives and a variety of voices to determine the future success.
The advancements in technology within the boardroom continues to transform the way boards work. Secure platforms allow real-time communication and collaboration between directors who are geographically dispersed while data analytics provide greater information to aid in making better informed decisions. Artificial intelligence can aid in tasks like agenda planning and risk assessments, giving directors more time to focus on strategy.
A popular trend in boardrooms is incorporating natural light into meeting spaces to help facilitate more productive and healthy conversations. A recent Harvard Business Review survey ranked natural light as the most desirable office perk. It was a step ahead of more predictable alternatives like cafeterias, fitness centers or even onsite cafeterias.
As cyber-attacks become a more urgent concern for businesses, it’s essential that board directors stay current in their understanding of the company’s risks and weaknesses to effectively manage cybersecurity. This could involve setting up dedicated committees, appointing an executive director as the lead, or investing in specialized training for board members.
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 allow them to remain engaged and discover new challenges around the corner. They can also evaluate previously unexplored options, which will help management to develop innovative strategies that distinguish their business from others in their field.
