Due to several uncontrollable external factors such as societal expectations, political pressures, macroeconomic uncertainty and technological disruption, corporate strategy has now become more complex than ever before. It is also increasingly attaining greater importance due to the varied nature of present business environments. The board of directors must thus get more involved in the strategy formulation. One way in which they can benefit through participation is by their focus on long-term to aid the management. Board members tend to have external contacts which they can leverage to create a sense of belonging. A lot of directors may not be fit for hands-on interference due to their career spanning classical times. But this experience can help the company through their cross-domain insights. They can then guide the execution of the strategy devised. Highly involved boards need to feature a broad range of topics during their meetings. The management likewise needs to be challenged adroitly. The members must have the pulse to gauge business intelligence on strategy execution. Their discussions must be focused towards the end result.

Source:https://www.bcg.com/publications/2018/board-role-strategy-changing-environment.aspx

Uploaded Date:25 August 2018