The expectations and demands on board members and boards has never been greater. With the rapidly evolving business environment and industry disruption affecting all companies, directors must work hard to stay current and they must make sure management is up to the task. Recent survey data from the National Association of Corporate Directors (NACD) tells the story of how directors themselves see the need for improvement. This survey, including responses from 520 unique boards conveyed how boards want to better their performance in multiple areas including strategy, technology, cybersecurity, director education and management oversight.
The days of limited board involvement in strategy are over . Seventy-one percent of directors surveyed believed that their boards should better understand the risks and opportunities that affect performance and drive strategic choices. Sixty-seven percent of directors said their boards needed to improve contribution to strategy development and boost oversight of strategy execution. Fifty-six percent recognized the need to improve the rigorousness of their decision-making.
Robust board engagement with strategy takes time, and boards must…
