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Board effectiveness and the chair of the future
Across organizations and countries, the board chair’s role has been amplified. Explore five key forces behind this expansion—and how chairs are stepping up to meet new demands.
300 chairs. 16 countries. Global insights.
A vision for the chair of the future
Over the past few years, Deloitte member firms have published Chair of the future reports in various countries around the world. Our latest Global report represents insights from over 300 interviews with board chairs from across 16 countries.
Chairs today play a critical role in the success or failure of their organizations, and serve as a trusted sounding board and guiding hand for CEOs. There are several forces and challenges that affect the redefining of the role, including the pandemic, geopolitical disruption, and digital transformation.
As global chairs navigate a new world, our survey revealed five fundamental forces of change that chairs will need to contend with in the future:
- Organizational governance needs more chair input: There are fundamental qualities that make for successful chair and board relationships with management that have not changed. However, chairs increasingly need to act as a guiding hand, while respecting the board’s role.
- Society expects more from business: Most chairs acknowledge a responsibility to local communities and address society’s most pressing challenges as part of a social licence to operate. They recognize the changing relationship between business and society as a key focus area.
- Climate change requires businesses to respond: Chairs are preoccupied by the enormity of climate change. They consider the challenges and risks, and shape strategies to address the impacts.
- Crisis leadership is becoming the norm: Even before the pandemic, chairs and boards perceived a higher frequency of crises than in the past. Chairs note that managing crises today calls for greater speed in decision-making, action, and communication, all while under greater public scrutiny than ever before.
- Board operations call for digital enhancement and agility: After a steep learning curve, many found participation improved and meetings became more agile and focused. However, there is a balance to strike with a hybrid approach, mixing both in-person and virtual, when managing boards.
Read our report to get a better sense of how the position is changing and what the chair of the future can expect as the position continues to evolve.