What new skills and experiences would the Boardroom benefit from?
During our event ‘How to transition from CFO to CEO’, one of the key questions was what new skills and experiences the boardroom would benefit from. Our expert panel of CEOs gave great insight, which we share with you below.
A boardroom should have a diverse group of people on it who bring various talents and experiences to the table. As the world and business evolve, so should your boardroom and its members.
With decision-makers responsible for a company’s growth and development, board members with the foresight to navigate current and future challenges will be essential.
So, what new skills and experiences would the boardroom benefit from?
Sustainability is becoming increasingly important, particularly for younger people. If your business is not looking forward and taking measures to become more sustainable, it will struggle in the future.
Contracts can become harder to win if you’re not demonstrating sustainability, as well as having a moral obligation. Sustainability and ESG agenda is evolving quickly, so it will be important to have it at the top table for most of the decisions.
Having a board member with a background in sustainability or at least regularly reporting on it would benefit a company.
Continuing to grow the digital journey and being digitally savvy will also be important, especially for multi-channel businesses. Fatface reported that its online presence was currently 40% of its revenue, with it expected to grow to 60% within the next two years.
A board member with experience in the digital marketplace will be essential for businesses that want to survive and thrive in our digital future. This can be especially important for businesses that have yet to embrace how they sell online.
A good relationship between the CEO and chairman is key. As a CEO, knowing the chairman has got your back will help give you confidence when making risky decisions. It will help take the pressure off and make the CEO’s role a less pressured and lonely place.
What’s clear is that building a good network around the CEO with a good chairman and diverse, forward-thinking board will be essential for helping the business move forward successfully.
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