As the Belgium economy tries to move forward amidst the ongoing pandemic, and companies reposition for the future, it is increasingly clear that resilience and strategy are proving to be the great differentiators of the pandemic era. From pivoting to “remote everything” and focusing on workforce well-being to deepening digital engagement with customers and recalibrating supply chains, the ability to quickly adapt to dramatic disruptions and dislocations has defined the survivors and thrivers.
The unprecedented events of the past two years have clearly put corporate governance processes, including board oversight, to the test. Demands for action on Environmental, Social and Governance (ESG) performance (including climate risk), increased cyber security risks (including ransomware attacks), economic and supply chain challenges, a fast-changing regulatory landscape and other factors impacting the global risk environment will continue to challenge even those boards at the top of their game.
In short, boards are at a pivotal moment. As one director recently observed, the need for today’s boards to help their company “reimagine, rethink, and reset is probably a once-in-a-generation opportunity.”
Drawing on insights from our latest BLC global survey work and interactions with directors and business leaders, we highlight eight issues below for boards to keep in mind as they consider and carry out their 2022 agendas:
1. Deepen the board’s engagement in strategy and in envisioning the future
2. Embed ESG – including climate risk – into risk and strategy discussions
3. Engage proactively with shareholders and other stakeholders
4. Make talent, human capital management and CEO succession a priority
5. Approach cyber security and data privacy as holistically as data governance
6. Reassess the company’s crisis prevention and readiness efforts
7. Help set the tone and closely monitor the culture of the organization
8. Think strategically about talent and diversity in the boardroom
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The Board Leadership Center offers non-executive and executive board members and those working closely with them (including CROs and Heads of Internal Audit) a place within a community of board-level peers. It also offers access to topical seminars and more technical Board Academy sessions, invaluable resources, thought leadership and lively and engaging networking opportunities.