The role and importance of the board for successful companies have never been more crucial. This applies to both the strategic development of the company and to top management, which now more than ever requires qualified sparring and input in response to the increasing volatility in the world around us. Just consider the many challenges management has faced over the past 5 years alone – COVID-19, inflation, interest rate hikes, geopolitical tensions, energy crisis, climate issues, ESG agenda and much more. Successful companies react and execute in time.
The roles of boards and top management are therefore changing. The demands for individual members' skills and diversity are clear. Hence, the right composition of both the boardroom and top management is of paramount importance for success or failure. The optimal board composition is not one-size-fits-all but must naturally be tailored to each company, its unique context, market, and environment. Nevertheless, some characteristics seem to recur in companies that have successfully navigated through the turbulent waters of recent years – and they all challenge the conventional reliance on familiar, unchanging leadership approaches.