Women Corporate Directors’ Global Institute and Visionary Awards took place in Orlando, Florida, from September 29 through October 1 at KPMG Lakehouse. The event gathered 250 global board directors and c-suite executives for a conference focusing on various corporate governance topics, insights, and best practices. During the conference, over 60 speakers highlighted key takeaways for transformative corporate governance practices:

• Artificial Intelligence (AI) is a Useful Tool for Boards: Technology is here to stay, and boards should adopt best practices surrounding AI. Actively recruiting and identifying leaders who can navigate this technology can be advantageous for today’s boards and companies, as there are many use cases for AI including creativity, market trends and research, meeting assistance and more. In addition, the use of AI can be viewed as a cost- saving measure in some industries, creating an increased sense of value in utilizing this technology. 

• Crisis May Arise, But Being Prepared is Key: Boards must anticipate crises and know how to respond effectively. By prioritizing preparedness at both the board and executive levels, companies can address crises promptly with a solid action plan in place. This focus on readiness is crucial in today’s evolving technological landscape, where cybersecurity concerns and attacks are rising. Lastly, having committees set within boards helps aid in crisis management. While board directors may not be able to predict every scenario, being prepared is essential.

• Transparency is Needed Now More Than Ever: Board directors and executive leadership teams should be transparent about issues the company may face. Since we are in the age of social media, it is best to effectively communicate from within to ensure all key stakeholders align on pressing issues. Board directors and upper management should work together often to create transparency, including hosting town-hall-style meetings where stakeholders are encouraged to speak freely about emerging company issues. 

• Take a Consistent Stance on Issues: Companies and their boards are often asked to take a stance on emerging geopolitical issues. However, board leaders and executives should remain consistent with the stance they take, while knowing what issues to speak on. Consistency helps to create a strong reputation for a company in the marketplace. 

KPMG LLP is the Global title sponsor of WCD’s 2024 Global Institute and Visionary Awards. 

Women Corporate Directors (WCD) is the world’s largest membership organization and community of women corporate board directors. A 501(c)(3) foundation, WCD is a trusted community of directors serving on more than 8,500 public and private boards around the world.