There is perhaps no more important job for a management team than to identify the right strategies to convert market opportunities into growth for their company. Contributing to and overseeing corporate strategy are core board responsibilities.
Although corporate strategy is continually listed as a top priority by directors, boards often find that not enough time is spent on the topic. Finding ways to engage with management teams in strategic discussions is critical to long-term corporate success. These discussions may range from global megatrends to potential deal opportunities to environmental, social and governance (ESG) topics.
Boards play an important role in overseeing corporate strategy. They can offer a fresh perspective and ask management questions to round out the strategic planning options. Directors are now using longer time horizons to oversee company strategy than they did just a few years ago, and have an opportunity to contribute in significant ways. In doing so, the board offers strategic value to the company and its shareholders.