Future Proofing Director Skill Sets

In brief: Boards represent a key competitive advantage for their companies. But only if they comprise directors with suitable skills, so they can evolve and adapt as the world around them continues to undergo disruptive change. As directors focus on the future strategic direction of the company, it’s critical to ensure board members have the right skills for the future. Lead directors and others can use this tool to help future proof board skills.

Most relevant audiences: board chairs, lead directors, nominating and governance committee members

HOW TO USE THIS TOOL: As directors focus on the future strategic direction of the company, it's critical to ensure board members have the right skills for the future. Lead directors and others can use this tool to help future proof board skills. 

ARE YOU ‘FUTURE PROOFING’ YOUR BOARD?

Boards have focused a great deal on strategy development in recent years. Working closely with their CEOs at regular board meetings and at off-site strategy retreats, boards have been charged with overseeing company direction as well as the opportunities and risks pertaining to investments in the markets, facilities, technologies, and people that can make that strategic vision a reality, fueling future growth and rewarding shareholders.

Less effort, however, has been expended on assessing the composition of boards to determine how well equipped current directors are to help companies navigate, today and tomorrow, a challenging global business environment characterized by rapid and continuous economic and political transformation.

In sum, boards represent a key competitive advantage for their companies, but there’s a catch: only if they comprise directors with suitable skills, so that they are able to evolve and adapt as the world around them continues to undergo disruptive change.