On "Inside the Strategy Room" podcast, three experts offer advice on how corporate board directors can deal with their increasing responsibilities.
Steven Sterin: Senior executive in the energy and chemicals industries
Karen McLoughlin: Former CFO of Cognizant
Frithjof Lund: Global leader of McKinsey’s Board Services service line
They explore the modern complexities facing board directors, emphasizing increased engagement with management amidst challenges like geopolitics and digitization. Effective communication, innovative onboarding, and clear delineation of roles are crucial for maximizing board effectiveness and fostering trust between management and directors.
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The Rising Complexity of Board Directorship
Board experts explain how directors can meet the demands of growing agendas.
Source: Forbes Business Council
Source: McKinsey & Company | Strategy & Corporate Finance
Sevens areas companies should prioritize to strengthen their corporate governance:
1. Independence
2. Diversity, Equity and Inclusion
3. Performance Evaluation
4. Executive Compensation
5. Stakeholder Governance
6. Cybersecurity
7. Sustainability
Taking these seven trends into consideration reinforces board and senior management performance. Having an effective corporate government that is capable of looking at the impact its business has on the environment and its stakeholders is a current factor of success. Not only does the economic value of the company matter, but also the coherence among its actions, values and purpose. > View Full Report
For more on this topic, we recommend reading a recent Q&A published by the American Society of Safety Professionals.
Seven Areas for Boards to Focus on to Improve Corporate Governance
Susana Sierra is CEO of BH Compliance, which gathers real-time evidence about a corporate compliance program's performance using Blockchain.
d the full Link article: "3 Current Trends in Occupational Safety and Health in 2024"