As technology, innovation, and other forces continue to disrupt business models, boards are increasingly asking: Are we spending enough time on strategy?
To be effective, boards need to have a deep understanding of the context in which the company is operating and that requires a close working relationship with management.
To help identify the challenges and concerns directors face as they seek to deepen their engagement in strategy, the KPMG Board Leadership Centre surveyed more than 120 directors on a range of issues –from the most challenging areas of strategy formulation to how the board will engage in, and exercise oversight over, strategy. Notably, only half of those surveyed expressed confidence that all board members had a good understanding of the company's strategy –and that compromises the board’s ability to exercise effective oversight.
We summarise the highlights from the survey here: ‘BLC: Making the time for strategy’