Board work in a constantly transforming world : requirements on board members now and in the future.
Nerdrum, Sabina (2024)
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2024061623477
https://urn.fi/URN:NBN:fi:amk-2024061623477
Tiivistelmä
The world is changing and to succeed in your business you need to keep awake and informed about the trends that drive the changes and that will influence your business performance. The board’s key purpose “is to ensure the company's prosperity by collectively directing the company’s affairs, while meeting the appropriate interests of its shareholders and relevant stakeholders” (Institute of Directors), but how does board work look like in the future and what kind of support is needed from the board? This study’s purpose is to understand the board’s responsibilities and to discuss the challenges for boards in a constantly transforming world. It offers some insights on central topics for the boards to address.
The thesis research part was conducted utilizing a qualitative, constructivist anchored theory approach based on empirical data gathered from a few board professionals with extensive experience from board work. The data analyzing process was done by using the Gioia method.
As a result of the analyses was identified some rising requirements for boards to focus on more thoroughly to be able to support a future-fit company. These are: Knowledge, board composition, succession planning, future readiness and additionally a few new topics that in this study was identified as human resources development, technology and AI and ESG.
The study states that the demand on boards is constantly increasing and board’s have a demanding set of responsibilities to keep in mind. The board must simultaneously be entrepreneurial and drive the business forward while keeping it under prudent control, which is not an easy combination to work with. The board needs therefor to be more agile and be sure it has a deep and holistic understanding of both the market, company and the ever-changing business landscape as well as the changing culture of leadership.
The thesis research part was conducted utilizing a qualitative, constructivist anchored theory approach based on empirical data gathered from a few board professionals with extensive experience from board work. The data analyzing process was done by using the Gioia method.
As a result of the analyses was identified some rising requirements for boards to focus on more thoroughly to be able to support a future-fit company. These are: Knowledge, board composition, succession planning, future readiness and additionally a few new topics that in this study was identified as human resources development, technology and AI and ESG.
The study states that the demand on boards is constantly increasing and board’s have a demanding set of responsibilities to keep in mind. The board must simultaneously be entrepreneurial and drive the business forward while keeping it under prudent control, which is not an easy combination to work with. The board needs therefor to be more agile and be sure it has a deep and holistic understanding of both the market, company and the ever-changing business landscape as well as the changing culture of leadership.