WEBVTT 1 00:00:00.091 --> 00:00:02.674 (lively music) 2 00:00:04.680 --> 00:00:06.690 It used to be that if you understood the past, 3 00:00:06.690 --> 00:00:09.960 you could grasp the present and anticipate the future. 4 00:00:09.960 --> 00:00:11.610 That's no longer the case. 5 00:00:11.610 --> 00:00:12.480 The world is changing 6 00:00:12.480 --> 00:00:14.520 and expectations of people are changing, 7 00:00:14.520 --> 00:00:18.840 expectations of society, governments, investors, customers, 8 00:00:18.840 --> 00:00:20.250 all of these are changing. 9 00:00:20.250 --> 00:00:22.950 What's become clear is that the previously accepted role 10 00:00:22.950 --> 00:00:25.680 of business in society is contested. 11 00:00:25.680 --> 00:00:27.300 Old paradigms are crumbling 12 00:00:27.300 --> 00:00:29.890 but a new cohesive paradigm has yet to emerge 13 00:00:31.050 --> 00:00:34.650 and this is where socially transformative businesses excel. 14 00:00:34.650 --> 00:00:36.180 This is a space where corporate boards 15 00:00:36.180 --> 00:00:37.260 have a unique opportunity 16 00:00:37.260 --> 00:00:40.620 to bring value by steering strategy 17 00:00:40.620 --> 00:00:43.950 and capital in a way that allows the company 18 00:00:43.950 --> 00:00:47.190 to take full advantage of this new unfolding paradigm. 19 00:00:47.190 --> 00:00:49.230 And it's a space where individual board members 20 00:00:49.230 --> 00:00:51.330 can infuse their personal legacy. 21 00:00:51.330 --> 00:00:53.040 Is my contribution distinctive? 22 00:00:53.040 --> 00:00:54.003 Is it sustainable? 23 00:00:54.900 --> 00:00:56.790 Does it contribute to the health and longevity 24 00:00:56.790 --> 00:01:00.030 of the organization and the ecosystem in which it operates? 25 00:01:00.030 --> 00:01:03.510 This requires them to comprehend how the world is changing 26 00:01:03.510 --> 00:01:06.630 and to make choices as to how the organization 27 00:01:06.630 --> 00:01:09.600 is contributing to that change impulse. 28 00:01:09.600 --> 00:01:11.550 Here, boards can have a decisive impact 29 00:01:12.990 --> 00:01:14.700 but in my experience, they don't 30 00:01:14.700 --> 00:01:16.400 because they fail to make choices. 31 00:01:17.580 --> 00:01:19.260 They lack the confidence to choose 32 00:01:19.260 --> 00:01:21.543 and the heuristic to justify their choices. 33 00:01:22.590 --> 00:01:25.860 Instead, with both the speed and complexity 34 00:01:25.860 --> 00:01:30.450 of change at an all-time high, boards seem to paralyze. 35 00:01:30.450 --> 00:01:32.310 To overcome this, the board 36 00:01:32.310 --> 00:01:34.800 and their members need to come clean 37 00:01:34.800 --> 00:01:36.600 and be honest about themselves. 38 00:01:36.600 --> 00:01:38.700 They need to recalibrate to the times, 39 00:01:38.700 --> 00:01:41.760 ensuring a mix of current capabilities, backgrounds, 40 00:01:41.760 --> 00:01:45.750 insights, and aspirations, as well as quality of strategy. 41 00:01:45.750 --> 00:01:47.550 In the end, the choice is simple. 42 00:01:47.550 --> 00:01:50.103 Do you as a board member want to oversee an organization 43 00:01:50.103 --> 00:01:52.680 that is adding to the problems of this world 44 00:01:52.680 --> 00:01:55.380 or will you help steer the organization to contribute 45 00:01:55.380 --> 00:01:57.150 to the solutions? 46 00:01:57.150 --> 00:01:59.817 (lively music)