Corporate boards are evolving to drive business growth

A recent survey by Executive Access, commissioned by The Times of India, reveals a significant shift in the role of corporate boards. Boards are moving beyond their traditional focus on compliance and evolving into drivers of growth and innovation.

The survey, which included 120 board members, found that boards are actively engaging in strategic discussions and encouraging innovative thinking to drive business growth. Ronesh Puri, Managing Director of Executive Access (India), states, “The survey indicates that boards today are more evolved and have moved beyond corporate governance. A well-structured, business-savvy board can significantly drive growth."

This shift is evident in the changing priorities of boards. Harsh Goenka, Chairman of RPG Enterprises, highlights this evolution: “In the past, corporate boards were often a mere legal formality, convened to tick the compliance box. Today, they’ve transformed into a powerful strategic necessity, pivotal in defining a company’s trajectory.”


The survey also revealed a growing emphasis on recruiting board members with diverse expertise and experience. Boards are seeking individuals who can provide valuable insights and guidance in a rapidly changing business landscape.

Goenka adds, “Leadership teams are no longer just seeking approval; they’re actively seeking guidance and insights from the board. Boards are expected to help open new doors, leverage their networks, and provide strategic connections. Today, it’s about ensuring technology is harnessed, strategies are implemented, and succession planning is robust.”

This shift comes at a time when businesses face increased pressure to adapt to a complex and uncertain environment. The survey indicates that boards are increasingly focused on ensuring business continuity and navigating emerging challenges.

(with ToI inputs)