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