Boards will continue to face demands for more diverse competencies, innovative thinking, complex problem-solving and stronger governance.
Boards will continue to be tested in 2020 as their work demands more diverse competencies, innovative thinking, complex problem-solving and stronger governance. Boards will need to allocate additional time to understand and address factors that contribute to sustainable long-term value creation while meeting urgent challenges stemming from economic, geopolitical, technology and social developments.
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To support boards as they enter the new decade, the EY Center for Board Matters has identified the following board priorities for 2020.
- Strategically prepare for growth amid increased uncertainty
- Accelerate the talent agenda and activate culture as a strategic asset
- Evolve enterprise risk management (ERM)
- Prioritize cybersecurity and data privacy
- Address geopolitics from a strategic perspective
- Embrace ESG as a business imperative
- Redefine and better communicate long-term value
- Take a continuous improvement approach to board effectiveness