Governance Trends

Adding ‘foresight’ to ‘oversight’ responsibilities – Part 2

Welcome back.

Our next trend that needs to be on board agendas is thinking the unthinkable. Astute and visionary boards will consider what’s out there, even potentially out there, that could seriously destroy their hitherto successful business model. They will keep this question in their collective heads day in and day out, forever examining the landscape and quizzing the shifting sands.

And when new marvels like Uber and airbnb suddenly present themselves, as if out of nowhere, you’ll have considered the impacts of such entrants and devised plans and strategies to deal with their presence.
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Adding ‘foresight’ to ‘oversight’ responsibilities – Part 1

KPMG’s respected 2016 Global CEO Outlook landed on my desk not that long ago and while it’s packed with interesting information, perhaps most striking was the finding that close on half of all global CEOs expect their companies to transform into a significantly different entity in the next three years.

Of course, this presents opportunities, along with challenges and even threats, the most significant challenge for boards being trying to navigate between their ongoing ‘oversight’ or supervisory role and their increasing responsibility to provide ‘foresight’ when it comes to expectation and likelihood in a murky future littered with unknowns.

That’s where strategy, that perennial that must forever and a day be on the board’s agenda, comes in…and, with it, being visionary. And we know that the more diverse a board is in its make-up, the more visionary its strategy is likely to be and, in turn, the more prepared and successful the company can expect to be.

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