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What board directors need to know, what they can do, and how they can take advantage of the rapidly changing environment. Here are a few takeaways from the video:

  • There is a major shift in the population demographics. Millennials are becoming more influential
  • Who are in the boardrooms today? There is a need to increase a broader diversification/representation in the board (e.g., gender, ethnicity, age, and experience)
  • Board are now looking at management and how they run their organisations. How does management maximise value from diversity?
  • Board directors need to become talent scouts. They need to expand their networks to open access to new people (e.g., younger executives, different functions, ect)
  • The openness to expand the board to include the younger generation
  • Boards needing to welcome and encouragement management to bring more diversity data to the floor.

Source: Changing Demographics in the Boardroom - NACD BoardVision