Boards of the Future: What next for governance?
Responsible for driving the success of businesses, boards of directors were experiencing increasing pressures on a range of fronts well ahead of the COVID-19 pandemic.
Through a series of debates and interviews with chairs, executive and non-executive directors and company secretaries in listed and private companies, we considered the challenges facing boards and looked at how they may need to adapt to be properly equipped for effective decision-making and reporting in the future.
By the time we were concluding interviews in early April 2020, it was clear that, due to COVID-19, global business and society had changed immeasurably. What started as an exercise to gather views two years on from the 2018 governance changes became a much wider discussion informed by contributors’ experiences of remote working, and we went back to find out how their priorities had changed.
Companies and businesses always learn from and change as a result of crises, but we are still establishing what the impact will be of the pandemic that has affected every business and sector.
New business practices are currently evolving and there is undoubtedly an opportunity to take stock, shape the future and also address some wider underlying issues such as diversity, culture and climate change.
In this paper we split discussion points into key areas challenging directors:
- The crowded agenda
- Collective intelligence
- Being well informed
- Managing regulation & reporting
- Adapting the boardroom format
- Involving stakeholders and monitoring culture
- What next?
Following on from presenting our findings, we then draw conclusions and make recommendations of what we believe smart boardrooms of the future must address to succeed.