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In the midst of unprecedented uncertainty resilient boards are evolving to adapt to an ever-changing environment. They are redefining lines of responsibility to include sustainability and purpose beyond shareholder supremacy and accepting diverse voices and innovative perspectives in the boardroom, to define the future of success.
Technology in the boardroom will continue to transform how boards function. Secure platforms enable real-time collaboration and communication among board members located across the globe while data analytics provide more in-depth information that can help you make better decisions. Artificial intelligence can assist with tasks such as agenda preparation and risk assessments, allowing directors more time to concentrate on strategy.
A new trend for boardrooms is to incorporate natural lighting into meeting spaces to help facilitate more productive and healthy conversations. In fact, a recent Harvard Business Review study ranked natural lighting as the number one office perk, beating more predictable contenders like onsite cafeterias and fitness centers.
As cyberattacks become a pressing concern for businesses, it is essential that board directors remain current on their knowledge of the company’s threats and vulnerabilities, so that they can effectively manage cybersecurity. This may mean setting up dedicated committees, appointing an executive director as the lead, or investing in specialized training for board members.
Directors of boards must adopt a lifelong learning mindset as speed of change increases. This will help them stay in the forefront of their thinking and identify challenges around the corner. They can also look at previously unconsidered possibilities, allowing management to develop new strategies that differentiate their company in their industry.
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