Sharpening Boardroom Strategy in a Fast-Changing World

1. What motivated you to join this programme, and what were you hoping to gain?

First of all, I have been valuing INSEAD corporate programmes highly, especially from my attendance at the ‘Leading Across Borders and Cultures’ (LABC) in 2019. Having joined a new board barely one year ago (in Kenya), I needed to immerse myself in best practices of corporate governance, especially in the face of today’s highly volatile market environments. Specifically, I needed to gain insights into:

• What are the key current trends in market environments (especially in the financial sector) that, as board members, we should be aware of as shaping or influencing business strategies
• What does the above mean in terms of key competencies required at the board
• What role should the board assume in shaping/reshaping business strategies in the face of market disruptions
• How does the board engage with executive management in evaluating the relevance of corporate strategies and redesigning them to suit the ever-changing demands of markets and disruptions in the PESTEL environments

2. How has the programme impacted your thinking or approach to your work?

The Corporate Strategy for Board Members programme did help sharpen my understanding of which parts the board plays besides the executive team in the design or reformulation of the company strategies. Specifically, it was useful to gain clarity as to the following:

• When it comes to strategy and the Board, Corporate Strategy is the job of the Board of Directors, and involves addressing the following questions: What are the battles? What is the victory? And what are the strategic goals?
• On the other hand, Competitive/Business Strategy is the job of management

Besides, I got good insights as to the following:

• What are the most meaningful trends for my board in today’s fast-changing business environment: digitalisation and AI appear as key developments that stand to influence most business strategies, more so in the financial sector
• Also, through real-life case studies, it was useful to understand what makes a good vs. a bad board

3. What aspects of the programme stood out to you the most (e.g., faculty, peers, content, format)?

First of all, I appreciated the structure of the programme that included a good combination of theoretical knowledge, case studies, professional testimonials, and also team discussions in class, with a view to relate the learnings to our actual board experiences. It also included a good blend of ‘academic’ staff and business practitioners’ perspectives. I also found it useful to make use of the break times and team lunches and dinners for networking with other participants. Finally, the programme application (Study@INSEAD) offered an adequate set of reading materials to prepare well for the different sessions.

4. Can you share a moment or insight from the programme that really resonated with you?

The ‘real-life case studies’ case study of the ouster of the executive chair particularly resonated with me, as it depicted a case of a dysfunctional board and also strengthened the importance of independence in the boardroom for the effective fulfilment of fiduciary responsibilities. It strengthened the case that effective boards require an adequate set of ‘hardware’ (structures), software (relations), and humanware (people).

Besides, it was useful—especially in the current dynamic environment—to get a good grasp of key ingredients for strategic agility, namely: strategic sensitivity, stakeholder unity, and strategic resource fluidity.

5. Would you recommend this programme to others? If so, why?

Yes, definitely. No matter what field of work we are in, the programme is found relevant in understanding the fundamental constituents of an effective board, and its role in shaping and evolving the strategy of the firm, especially in the face of the multifaceted challenges of a dynamic business environment. It also addressed typical strategic challenges facing boards in both developed and emerging markets.