3 Essential Focus Areas for Your Board
As a boutique management consulting firm, the catalyst behind many of Croixstone’s engagements is tied to priorities established by private company boards.
The National Association of Corporate Directors (NACD) is a professional association with a mission to empower directors and transform boards to be future ready. For more than 40 years, NACD has been on the leading edge of corporate governance by setting standards of excellence that have elevated board performance.
The Croixstone team read with interest a recent publication by NACD spotlighting the fact that private company boards are facing increased pressure to both capitalize on and protect against disruption. Whether coming from the environment, rapid advances in technology, the political landscape, and/or regulatory realms, the ongoing threat of disruption demands that directors be flexible, agile, and ready to address these fast-evolving challenges.
NACD recommends that boards prioritize their discussions on the following three areas:
- Human Capital: Especially on matters of hiring, retention, and succession planning.
- Cyber Threats: In 2021, ransomware events increased by 700%. It is essential that directors understand their company’s vulnerabilities and the board’s role in addressing these challenges.
- ESG: The rise in ESG (environmental, social and governance) mandates that boards provide strong leadership in guiding the management of their companies to allocate the appropriate resources and attention.
Learn more here.