Article: Changing board dynamics in India

Leadership

Changing board dynamics in India

Faced with a multitude of complex and often challenging set of priorities, the responsibilities of boardrooms have reached new heights. With an unprecedented crisis, this is a time of change and challenge for boards globally.
Changing board dynamics in India

Odgers Berndtson reached out to over 250 board members in India from different industries and organizations of varying size as part of a global board survey. We asked leaders about the challenges they are facing, and the main short-term areas of focus at the board level, as a result of the pandemic. We tried to understand what types of risks are becoming more relevant for India’s board members and what changes in leadership & governance they are anticipating for the future.

According to the survey respondents, there is a high level of confidence in the expertise & effectiveness of the board. 92% were confident that their board had applied the right proper oversight to successfully prevent or minimize the pandemic’s impact on the organization. In other words, we see a high level of trust in leaders across industries and organizations

in India. In terms of core focus areas, members of the board felt they contributed most to risk management including financial risks, employee well-being, and future outlook. Given the nature of the crisis, it is no surprise that India’s results resonate clearly with those from across the world.

Another interesting outcome of the survey conducted by Odgers Berndtson is a changed perspective on succession planning. In India 50% of the respondents do expect that the board will have a different view on conducting board succession planning as a consequence of the current situation and other potential crises in the future. 71% of the respondents said they were expecting higher investment in leadership & board development. 

Paradigms are changing in the boardroom as fundamental assumptions of board members & executive teams about the market, customers, supply chains, the workplace, technology, and other factors, underpinning business models, are undergoing a sea of change. As a result, the tasks and responsibilities of boards have become more complex. I would like to conclude by saying high performance boards in these disruptive times have to be multidisciplinary, resilient and adaptable to make a strategic impact on business.

 

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Topics: Leadership, #GuestArticle

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