Boards everywhere are grappling with an unpredictable world—one marked by political upheaval, shifting trade regimes, supply-chain fragility, climate shocks, technological leaps, energy insecurity, and society’s evolving expectations of companies and their leaders.
How can boards in emerging markets strengthen their governance amid high uncertainty—and do so in environments that are becoming ever more complex? How can directors—both individually and collectively—establish the clarity, composure, and collaboration needed to govern effectively when the future is unpredictable and the variables driving it are deeply intertwined? These questions arose repeatedly in our 2024 study, produced with Heidrick & Struggles and INSEAD, and they reflect the steep challenges that boards in emerging markets face.
In this report, we examine how boards are dealing with the forces now shaping board agendas: the mounting uncertainty and growing complexity that call for stronger risk oversight and resilience in order for boards to navigate today’s landscape with confidence. In this year’s report we explore how these themes are playing out in boardrooms in emerging markets throughout the world and how directors are responding. We also offer additional tactics and strategies boards can adopt to strengthen their governance. Finally, we distill these findings into practical questions board in Emerging Markets can use to assess their specific context and define the priorities, practices, and agenda needed to govern effectively in the face of high uncertainty.
About This Report
Four years ago, BCG launched an annual collaboration with Heidrick & Struggles and INSEAD to explore how the role of the board is evolving in a rapidly changing business landscape.
This year’s theme, “Governing Under High Uncertainty”, focuses on how board members individually and collectively navigate complexity in today’s dynamic environment.
For the second consecutive year, the study expands its focus to include a deeper perspective on emerging markets. The study provides a view of how new challenges are shaping boardroom dynamics across regions.
We conducted a series of roundtables and interviews with more than 100 senior directors from emerging markets worldwide. Through these conversations, we gained their candid perspectives on how boards are responding to some of today’s most pressing governance challenges, revealing areas of real progress as well as persistent obstacles.