BoardWise Presents Solutions To Navigate The Changing Global Corporate Landscape

The global landscape is shifting rapidly, and the pressure for change in the corporate world is immense. Globalization, cultural differences, political pressures, and shifting social expectations force leaders to adapt quickly and change their approach to problem-solving and governance. The board members must work together and with the executives to initiate and navigate this transformation. 

Boardrooms should serve as collaborative spaces where diverse perspectives are respected and used to solve company challenges, define strategies, and guide future directions. Unfortunately, collaboration is more difficult to achieve in today's polarized environment. The different insights and expertise that used to lead to innovative solutions can become the roots of disagreement and friction that make finding alignment more difficult.

"Take the politically sensitive topic of environmental, social, and governance (ESG) concerns, for instance. There's an apparent contrast between ESG regulations globally. Some leaders advocate for stringent reporting and regulatory measures. Meanwhile, other companies are reluctant to engage in ESG reporting at all. Such topics are universally important. However, it's now handled with caution due to its divisive nature, especially when multinational organizations are concerned. This divergence reflects political, cultural, and geographical complexities that boards must now navigate." Donna Hamlin, CEO of BoardWise offers this example. 

BoardWise emerges as a reliable partner given this landscape. The company is known for serving executives and board members by providing them with education, tools, and advisory support in corporate governance. Catering to public, private, and non-profit clients in more than 56 countries, BoardWise understands and implements the best practices that help board members and executives manage, lead, and govern effectively. 

"Our goal is to help organizations navigate turbulent waters by analyzing and enhancing the diversity of problem-solving styles within the board. This is crucial especially now. The roles that board members play in guiding organizations through these complex situations depend on how well they can leverage their differences constructively." Donna Hamlin, CEO of BoardWise explains. 

Instead of looking only at surface-level diversity, such as gender or race, BoardWise focuses on diversity of thought and problem-solving approaches. The company ensures differing perspectives become an asset instead of a source of conflict.

Committed to this mission, BoardWise developed a system that profiles how each board member approaches problem-solving. This profiling helps organizations understand how their boards function collectively. The company has researched the effectiveness of this method after testing it  within 36 countries. When boards are composed of members who approach challenges differently, there are more chances of arriving at innovative and effective solutions. 

BoardWise offers methods to ensure boards cultivate collaborative environments where debates are encouraged and all ideas are accepted. "Given the changes in the corporate world, inclusion isn't a mere philosophy but a skill that needs to be developed," says Marilyn Nagel, a BoardWise partner. "The boards need to appreciate different problem-solving styles for better decision-making. Embracing this model means setting an example for how the rest of the organization should operate."

Establishing collaborative environments in boards helps directors adapt as they struggle to stay ahead of changing market conditions, emerging technologies, and shifting regulatory landscape. Unfortunately, many boards have yet to figure out how to work together effectively to meet these demands. One of the ways BoardWise helps with this is by offering independent reviews of a company's performance. 

Clients benefit from external, evidence-based insights from these reviews. BoardWise analyzes what's working in other regions globally, offering tailored suggestions for operational, policy, and practice improvements. This service enables boards to consider practices that might not be common in their country but have been proven successful elsewhere. 

"Our goal is to help boards aspire to be "best in class" by promoting continuous learning and adaptation," BoardWise Partner Fred van Eenennaam remarks. "In challenging times board members might be reluctant to share their insights. We emphasize the importance of their roles in guiding their companies and creating environments where members and executives can better understand and integrate global trends into their governance processes."

BoardWise recognizes that boards must also consider other factors when pursuing such goals. Several fluctuating factors are currently affecting governance across industries, increasing the pressure businesses feel to stabilize their operations and solidify their customer and employee bases instead of implementing new initiatives. 

Given these complexities, BoardWise advocates for preparing boards for the future without overwhelming them. "Boards should begin preparing now for the unknowns that will inevitably come, so they can easily adapt," Fred van Eenennaam states. BoardWise believes one way to do this is to diversify the expertise and perspectives on the board. Leaders should start looking for individuals who bring expertise in areas like artificial intelligence (AI), cyber security, ESG, and other emerging fields rather than adding members who have the same traditional skill sets. 

"We're not saying boards should completely overhaul their structures overnight. We encourage them to add new members with diverse expertise so they can be ready for future disruptions. Doing so will allow them to address challenges proactively," Marilyn Nagel adds. In turn, BoardWise helps these specialists who may struggle to contribute beyond their specific domain become more engaged to contribute to the board's overall direction.

Ultimately, the pressures of globalization, political division, and technological disruption demand a novel approach to governance within the boards. "We envision a global board think tank developing innovative practices to ultimately bring better outcomes to the world," adds Fred van Eenennaam.

" BoardWise supports building such a global think tank and invites others to join in this opportunity." welcomes Donna Hamlin. It fits with our efforts to  promote collaboration, respect, and inclusion to help organizations make wise decisions in this challenging environment. 

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This post was authored by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice. Benzinga does not make any recommendation to buy or sell any security or any representation about the financial condition of any company.