The leadership challenge to build a world-class corporate board is about how to fill blind spots, bridge insight gaps, and make a leap of digitalization.
The corporate board’s strategic oversight includes co-setting business principles and planning to adapt to the dynamic business environment; scrutinizing business prioritization and processes to improve and monitor business performance. More critically, they should refine top leadership, build global advantage, optimize an effective governance system to improve overall organizational maturity.
It’s a strategic imperative to refine leadership: Information is growing exponentially; technology changes very quickly, and the speed of business changes is also increasing. Leading change starts from the mind shift, especially at the top level, the high mature leadership should evoke positive emotions in order to make change sustainable and lead business transformation effectively for the long term. With “VUCA” reality, being a multi-dimensional thinker and interdisciplinary expert is more crucial to improve leadership effectiveness and maturity.
Top leaders who demonstrate interdisciplinary knowledge fluency and deep expertise in the specific field, have better sense to capture the business trend, and be genuinely curious about the global world and future perspective. The BoD leadership competency required for any organization across the boundaries must be built on the foundation of the moral competencies –wisdom, justice, courage, and temperance to enforce governance disciplines.
It’s forethoughtful to explore growth opportunities and build global advantage: Corporate boards play a critical role in steering the business towards the uncharted waters and blurred boundaries in the global business world. Highly effective corporate board directors can think globally and holistically, develop global cognizance, and make sure that you’re seeing patterns and trends that are going to have an impact on your company’s ability to continue to thrive and grow.
The board directors as the world-class global leaders can appreciate, facilitate and orchestrate the multitude of differences in global context, gain the world-class insight which is based on the updated global view, take systematic approaches to solve complex problems with global impact, connect, inspire and nurture societal evolution.
At the global scope, there needs to be a balanced approach for developing a corporate governance system keeping in view the nation’s intrinsic requirements while supporting global exigencies. An effective global governance system with strong GRC practices at daily business activities harness communication, coordination, and control, ensure the best fit between short term profitability (shareholders) and long-term sustainability (stakeholders:employees, government, society) for improving the overall management discipline.
The ever-changing business dynamic brings significant opportunities and responsibilities for business growth. It is a “paradigm shift” to develop world-class leadership and drive the organization up to the next level of business maturity. The leadership challenge to build a world-class corporate board is about how to fill blindspots, bridge insight gaps, and make a leap of digitalization via envisioning, influencing, innovating and multidimensional intelligence.
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