In 2017, corporate performance will still require the essentials—managing key risks, innovating and capitalizing on new opportunities, and executing on strategy. But the context is changing quickly—and perhaps profoundly—as advances in technology, business model disruption, heightened expectations of investors and other stakeholders, and global volatility and political shifts challenge companies and their boards to rethink strategy development and execution, and what it means to be a corporate leader. Drawing on insights from our recent survey work and interactions with directors and business leaders over the past 12 months, we’ve highlighted eight items that boards should keep in mind as they help guide the company forward in the year ahead.

• Recognize that connecting and calibrating strategy and risk is more important—and more challenging—than ever.
  
• Develop and execute the strategy based on total impact.
  
• Take a hard look at the board’s composition: Is the talent in the boardroom aligned with the company’s strategy and future needs?
  
• Pay particular attention to potential risks posed by tone at the top, culture, and incentives.
  
• Reassess the company’s crisis prevention and readiness efforts.
  
• Reassess the company’s shareholder engagement program.
  
• Refine and widen boardroom discussions about cyber risk and security.
  
• Prepare for the new CEO pay ratio disclosure.
  

Read: On the 2017 Board Agenda for more.