With unpredictability becoming the new normal for corporations, how do board directors know they’re providing effective guidance? Robyn Bew, director of the EY Americas Center for Board Matters, breaks down some recent EY research to offer three steps boards should consider now.
The pace and complexity of shifts in the global business environment have had a dramatic — and, in some cases, unprecedented — impact on the way companies operate, from supply chains to pricing, from transactions to capital investment choices, from brand positioning to talent and workforce planning. It also has affected the way boards operate, according to findings in a recent EY Center for Board Matters report, which revealed that 84% of corporate director respondents reported that their boards regularly assess the impact of such risks on their companies’ existing strategies, a dramatic increase from 40% just four years ago.
Our analysis and work with clients point to three actions leading boards are taking to enhance their oversight of global political and economic issues and to provide effective guidance to management teams as they navigate risk, build resilience and capture opportunities for growth.
1. Enhance board expertise
Rather than seeking specific geostrategic expertise from one or two directors, leading…
