In the midst of unprecedented uncertainty, resilient boards are adapting and changing to the changing business environment. They redefine their lines of responsibility as well as their purpose and sustainability that go beyond the primacy of shareholders. They also seek out the diversity of voices and perspectives to define the future’s success.
The technology in the boardroom continues changing the way boards function. Secure platforms enable real-time communications and collaboration between directors spread across the globe and data analytics can provide more information to aid in making better informed decisions. Artificial intelligence can aid with tasks like agenda preparation and risk assessments, allowing board members more time to focus on strategy.
Another boardroom trend is incorporating natural light into meeting rooms to encourage healthier and more productive discussions. A recent Harvard Business Review survey www.boardroomchallenge.com/what-is-a-board-director ranked natural light as the best office perk. It was a step ahead of more predictable alternatives like cafeterias, fitness centers or even onsite cafeterias.
As cyberthreats become a more important issue for businesses, it’s important that directors of boards stay up-to-date in their understanding of the company’s threats and vulnerabilities, so that they can effectively manage cybersecurity. This could mean establishing specific committees, appointing the director who is the lead or investing in specialized training for board members.
Board directors need to adopt a lifelong-learning mindset as the pace of change increases. They will be open to new issues and examine previously unconsidered options, and thereby guide management towards innovative strategies that make the company stand out in its field.