Is your board future-proof?
Boardrooms around the world are becoming more diverse in response to new opportunities, uncertainties and disruption in the businesses they oversee. Singapore companies need to find directors with new skills or risk being left behind.
ON June 25, a ransomware attack directly affected the operations of several major companies around the world, from Maersk in Denmark to Merck in the US, from WPP in the UK to Cadbury in Australia. For any board still not taking the issue of cybersecurity seriously despite the WannaCry attacks only a few weeks ago, this new incident should have been an urgent wake-up call.
Companies today are facing unprecedented challenges, from geopolitical and cybersecurity risks to advancements in digital technology, business model disruption and changing consumer behaviour. Boards are having to adapt accordingly; they must remain relevant or lose the ability to engage management and help them navigate the challenges and opportunities that lie ahead in a meaningful and constructive way.
Boards must evolve to reflect the needs and changing strategic priorities of the businesses they oversee. They must be forward-looking too.
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