The new economic scenario has obliged businesses to face the challenges brought about by an environment of uncertainty. Blacksmith reflects on such Desirable Boards, which must now tackle this new era with fresh skills, abilities and attitudes that address issues such as diversity and inclusion, sustainability, governance, social impact, corporate purpose and the increasing importance of public-private partnerships.

New skills

The first reflection made by Blacksmith regarding the suitable profile of a “Desirable Board” is related to the skills of its members, which must help businesses navigate the difficult and uncharted waters ahead.

A new environment where Boards of Directors must hone skills such as Digitalisation, Diversity and Inclusion, ESG policies and the development of a Public Affairs protocol that is modern, professional and independent.

A new dynamic

The second reflection made by Blacksmith is on the need to establish a new working dynamic, both formal and informal, within the Board of Directors, specifically in relation to its executive role.

We are referring to the implementation of all actions to enable management to focus on what is essential, to avoid losing track of the Purpose, to work proactively in executing the strategy and simplifying the message and goals.

We believe it is worth analysing formats widely used in Belgium and Germany, among others, where the Boards are known as Supervisory Boards and their roles and functions focus on reviewing and overseeing the execution of the strategic plan.

Blacksmith has prepared a document, which can be downloaded via the following link, designed to help guide company directors wishing to adopt new criteria to identify broader and more efficient profiles for their Board members.