Future of the board
More accountable, transparent, and strategic: Meet the board of the future.
Governance Institute of Australia is delighted to launch its major thought leadership project for 2021, the Future of the board report.
Based on a survey of 550 directors and executives as well as a high-level working group, the report outlines the challenges the board of the future is likely to face, what issues need to be on the radar now, and the skills and attributes board members will need to be effective.
This is the third in Governance Institute’s ‘future’ series and follows the ‘Future of the governance professional’ and the ‘Future of the risk management professional’.
Key findings include:
- Top challenges for boards in 2025: Internal - Sustainability of business #1. External - Climate change, fallout from COVID-19, economic instability, technology disruption, and cybersecurity risk.
- Board accountability & responsibility: Set to soar towards 2025, with the vast majority 92% of survey respondents agreeing on this, and 66% agreeing strongly.
- ESG: 89% say boards will need to align their purpose with community values. Social license to operate will be the number one ethical (or conduct culture) challenge for board directors in 2025.
- Top factor determining dynamic between boards and management: A culture of transparency, trust and respect.
|Ticker TV News||New rules for directors||03/11/21|
|The West Australian||Put limits on directors’ tenure, board roles: Governance Institute of Australia survey||03/11/21|
|Lawyers Weekly||Transparency and accountability key for future of boards||08/11/21|
Thank you to our research partner Diligent – modern governance solutions provider.