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Effective Executive Journal

Strategic Thinking and Corporate Governance

Article Details

Pub. Date	: Dec, 2021
Product Name	: Effective Executive
Product Type	: Coaching and Mentoring
Product Code	: EECM11221
Author Name	:Colin Coulson-Thomas*
Availability	: YES
Subject/Domain	: Management
Download Format	: PDF Format
No. of Pages	: 24

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Abstract

In an uncertain business context in which evolving stakeholder priorities may quickly change as people become more aware of the consequences of global warming and climate change, formulating a business strategy can be difficult and strategic planning problematic (Coulson-Thomas, 2021d). They can be particularly challenging for boards and business leaders seeking to embrace social and environmental responsibilities and the concerns of a wider range of stakeholders. How boards respond to certain shared existential challenges could be an indicator of whether they are thinking strategically about developments that could have far-reaching implications for those they serve and to whom they feel accountable. Boards operate within a framework of applicable laws, regulations, license conditions, norms, codes and expectations relating to them, their members and the entities for which they are responsible. This paper considers aspects of corporate governance and whether in the light of a changing context these need review to better support the strategic thinking now required. It raises questions for directors, boards and those who advise on governance arrangements.

Strategic Thinking and Corporate Boards

Corporate boards are expected to provide strategic direction and assessing the extent to which strategic thinking is occurring can be an important element in board evaluations (Coulson-Thomas, 2021b). While some strategic thinking may be undertaken by members of the management team, it is the board that is usually held responsible for