Building a great board
In this edition of Global Boardroom Insights, directors and business leaders from companies across the globe discuss how they approach board composition, potential “blind spots” that boards may need to address, and how they consider other factors to build strong boards.
While their individual views offer varying perspectives, the interviews offer several universal takeaways:
- Robust board evaluations are a key part of a board composition and refreshment strategy.
- Formal director succession plans/processes can help facilitate change in the boardroom.
- Boards should seek to achieve diversity in the widest sense.
- Strong leadership in the boardroom is important to facilitate healthy debate and address potential conflict or friction.
- Technology and/or international expertise are emerging as key boardroom traits for many companies.
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As the board’s role continues to evolve, and investor and regulator expectations for board oversight and engagement increase, board composition and succession planning are increasingly critical to help position companies for the future. But what are the key elements for success and what potential challenges do directors have to address?