As the UK focuses on reopening and companies reposition for the future, it is increasingly clear that resilience – of strategy, the organisation, and operating muscle – is proving to be the great differentiator 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.

Drawing on insights from our latest survey work and interactions with directors and business leaders, we highlight eight issues here for boards to keep in mind as they consider and carry out their 2022 agendas.

On the 2022 Board Agenda KPMG has suggested that Boards: -

  • Deepen the board’s engagement in strategy and in envisioning the future
  • Embed ESG, including climate risk and diversity, equality, and inclusion (DEI) issues, into risk and strategy discussions
  • Engage proactively with shareholders, activists, and other stakeholders
  • Make talent, human capital management, and CEO succession a priority
  • Approach cybersecurity and data privacy holistically as data governance
  • Reassess the company’s crisis prevention and readiness efforts
  • Help set the tone and closely monitor the culture of the organisation
  • Think strategically about talent and diversity in the boardroom

Additionally, KPMG has drawn on insights from our conversations with audit committees’ chairs and business leaders. From these discussions we’ve highlighted ten issues for audit committees to keep in mind and consider as they carry out their 2022 agendas.

On the 2022 Audit Committee Agenda KPMG has suggested that Audit Committees: -

  • Stay focused on financial reporting and related internal control risks
  • Monitor climate and other ESG disclosures and clarify the audit committee’s related oversight responsibilities
  • Help sharpen the company’s focus on ethics and compliance
  • Remain focussed on cybersecurity risks and the increased risk of ransomware attacks
  • Keep abreast of the audit reform agenda and encourage management to take any necessary ‘no regret’ actions
  • Reinforce audit quality and set clear expectations for the external auditor
  • Understand how technology is impacting the finance organisation’s talent, efficiency. Along with the implications of the war on talent and changing workforce trends
  • Stay apprised of global tax developments and risks –now an important element of ESG
  • Help ensure that internal audit is focused on the company’s critical risks
  • Make the most of the audit committee’s time together

KPMG has also provided agendas with suggestions for Nomination Committees and Remuneration Committees.