Board Transformation 2021 survey and report
Are boards well equipped to deal with changing operational, strategic, technological, financial and environmental, social and corporate governance (ESG) issues? How will this new reality influence board priorities and do board directors have the skills to tackle these challenges?
The Board Transformation 2021 survey was undertaken between March and June 2021 among 270 senior business leaders, including board chairs, chief executive officers, chief financial officers, chief operating officers, chief risk officers, executive and non-executive directors, and company secretaries with the aim of finding out what the impact of the COVID-19 pandemic has been on corporate boards. How will boards adapt to a post-pandemic reality and will they transform themselves, or will transformation be forced upon them?
The key findings of the research report by Board Agenda & Mazars in association with Henley Business School show a boardroom community that is embracing change, increasing oversight of employee issues, focusing on the long-term resilience of the organisation, and giving equal weighting to risk management on the one hand and the opportunities for digital transformation on the other.
The report reveals that
- Eight out of 10 boards (82%) are strengthening their employee wellbeing policies as a direct result of the pandemic.
- More than half (56%) of boards have made substantial changes to the structure or operations of the business while nearly three-quarters have increased its long-term resilience.
- Some 77% of respondents feel their boards have had the necessary agility to navigate changed priorities, though nearly half (48%) say there needs to be a review of boardroom capabilities.
- 58% agree the need for greater emphasis on ESG.
- Half (50%) say they are making changes to long-term liquidity, credit, and capital.
“Clear oversight of the enterprise has never been more important—the responsibility for governance, stewardship and compliance remains firmly on the boardroom table. Boards may be transforming, but they need to ensure they retain and enhance the necessary skills to carry out these functions. Having the right roles on the board has never been more important.”Andrew Kakabadse, Professor of Governance and Leadership and Nada Kakabadse, Professor of Policy Governance and Ethics
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