18 Nov 2020
What makes a high-performing board in an accelerated world? Read our report
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With the pace of change speeding up, markets being disrupted and customer needs evolving rapidly, businesses are striving to be agile in responding and adapting to the current environment. If there was ever a time when organizations need a high-performing board, that time is now.
That’s why Odgers Berndtson has partnered with the Institute of Corporate Directors to support a research project led and authored by Tony Gaffney, an experienced corporate director and CEO. Involving in-depth interviews with more than 30 of Canada’s leading board chairs and consultations with select executives, the report’s discussions center around emerging governance priorities, as well as the many challenges and opportunities facing boards today, and how they are responding.
The report is a collection of wisdom, knowledge and experience that other chairs, directors and boards can hold up as a mirror to their own practices, skills, culture and ambitions. It is also a helpful guide for CEOs, CFOs and CHROs who work closely with their boards and are looking to better understand changing board priorities and perspectives.
“It’s the end of the status quo. All of the old methods of doing business are being challenged at the same time.” Maureen Jensen, Former Chair & CEO of the Ontario Securities Commission¹
In spotlighting issues that boards are now focusing more time on, the report also challenges the conventional thinking of the director community at large. It covers everything from the impact of emerging technologies, fundamentally different perspectives on ESG, new forms of political polarization and a duty to consult, to foundational areas of governance such as board composition, director education, the role of the chair, strategic planning and risk management, and talent management and oversight.
It also reaffirms that being a corporate director today is more demanding than ever before, and that the core attributes needed to excel in this ever-changing, unpredictable environment are continually evolving. Good governance today requires nimble, adaptive and intelligent leadership, and a good dose of courage.
At Odgers Berndtson, we believe that getting board composition right is arguably one of the most critical components of a corporation’s governance. We work with boards to ensure they have the right mix of skills and experience to allow for diversity of thought, varying perspective, and innovative, strategic discussions. We believe this report will be a helpful resource and a springboard for further discussion and innovation.
¹Tony Gaffney, High Performance in the Boardroom: an exclusive report on contemporary best practices of high- performing boards in a time of accelerating change (October 2020). https://lambaygroup.com/high-performance-in-the-boardroom-full-report/