In the midst of extreme uncertainty, resilient boards are adapting and changing to a changing business landscape. They are redefining boundaries of responsibility to include sustainability and a purpose beyond shareholder-centricity and embracing diverse voices and innovative perspectives in the boardroom, to define future success.
The technology that powers the boardroom continues to revolutionize how boards function. Secure platforms facilitate real-time communication and collaboration between directors spread across the globe and data analytics can provide more insight to make better decisions. Artificial intelligence can assist with tasks such as agenda preparation and risk assessments, giving directors more time to concentrate on strategy.
Another trend in the boardroom is to incorporate natural lighting into meeting spaces to promote healthy and more productive conversations. A recent Harvard Business Review survey ranked natural light as a top office perk. It topped more predictable alternatives like cafeterias and fitness centers that are located on site.
Cybersecurity is a growing issue for companies. It is crucial that directors of boards stay up-to-date on the risks and weaknesses of their company so that they can manage cybersecurity effectively. This may mean setting up dedicated committees, appointing a lead director or investing in specialized training for board members.
And, as the pace of change speeds up taking on a continuous learning mindset is an essential requirement for board directors. This will allow them to remain open to new issues and consider previously unthought-of options, and thereby direct management towards strategies that make the company stand out in their guide for virtual board meetings industry.