McKinsey on foresight in Boards

Although it dates from 2014, this McKinsey article is full of gems for organisations seeking to connect foresight, strategy and innovation at the highest level. It’s a solid five minute read but I’ve culled the absolute highlights below:

Governance suffers most when boards spend too much time looking in the rear-view mirror and not enough scanning the road ahead. Directors still spend the bulk of their time on quarterly reports, audit reviews, budgets, and complianceβ€”70 percent is not atypicalβ€”instead of on matters crucial to the future prosperity and direction of the business.
The alternative is to develop a dynamic board agenda that explicitly highlights these forward-looking activities and ensures that they get sufficient time over a 12-month period.

β€œBoards need to look further out than anyone else in the company,” commented the chairman of a leading energy company. β€œThere are times when CEOs are the last ones to see changes coming.”

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