2025年未来董事会战略前瞻型董事会的核心议程研究报告

Whatistheagenda

forreimaginingmorestrategic,future-lookingboards?EY

Board

of

the

Future

studyPart

IHavinghadtheprivilegeforover35yearsofauditingsomeoftheworld

s

mosticonicandglobalbrands,Ihavehad

regular

connectionswith

very

impressive

C-suite

and

board

members.Ihaveseenhowthemost

pressing

matters

for

discussion

have

changed

overtimeandgainedarobustunderstandingofgovernanceecosystemsand

evolvingways

ofworking.Ifoundmyselfwonderingwhetherboardsneededto

reimaginethemselvesto

bemore

strategic,future-looking

or

whether

the

traditional

approach

weathers

the

storms

of

change.Curiositytookthiswonderintoaction,andtheresultisthisresearch.Engagingwithsomeoftheworld

slargestcompaniesnonexecutivedirectors,whocollectivelyserveon90boardsandrepresentmultiplesectors,has

generatedsignificant

insightsgroundedinrealexperienceintoaspectsof

governance.

Wealso

soughttheviewsofEYandnon-EYindividualswitha

particulararea

of

expertise

relatedtothisresearch.Whatwefoundwasaburningplatformforchangefromsome

“It

will

lastuntil,likeRome,itburnsup”andwhilstthisview

of

a

current

model

under

strain

was

feltlesspassionatelybyothers,theprevailingsentimentwaschallengingthestatusquo

isanecessitytofindimprovementstobemadetoday,andover

the

next

couple

of

years.KeychallengesfortheBoardtoaddressthatregularlysurfacedduringinterviews

includedfocusingonriskmitigationsthroughcomplianceratherthanproactivelyseekingvaluecreationandtheneedtoengagewithmanagementinstrategicdialoguewhen

itcomesto

M&AtransactionsorpreparingforCEOsuccession.Thegenerosityofourresearchparticipantsmeantwewere

also

ableto

develop

a

six-stepagendaforreimagininggovernanceand,likewithmostthings,therewasa

commonthreadofartificialIntelligenceacrosstheagenda.Eachstepclearlyarticulatescurrentstateandchallenges,andasetofpracticalactionstoimplement.And

justastoday

schallengesfacedbyorganizationsaremultifacetedandinterconnected,sotooarethesteps—

avirtuouscycleforimprovement.This6Eagendalooksto

helpelevate

efficiency,

enhanceeffectiveness,exerciseforesight,encourageindependence,engineersimplicity

andemployAI.With35%oftheresearchgroupfeelingthattheexistingwaysofgovernanceare

notsustainableinthefuture,andafurther47%believingtheyareonlysomewhatsustainable,itdoesfeellikeboardsneedtobetakingactiontoday,

whether

groundbreakingtransformativeleapsoffaithormoregentlemovesto

remainagile.Mythankstoeveryonewhoparticipatedinthisresearch;yourinsightsrelatingtotheimmediatetothreeyeartimelinehavecreatedavaluableandpracticalreadandthe

potentialofalastinglegacyofchange.

Ialso

lookforwardto

reading

Part

II,which

is

due

outearly2026byEYGlobalCenterfor

Board

Matters.

EYwill

present

its

perspectiveforthe3

10yeartimeline,discussinghowtoreinventtheboardbeyondthehorizon

.Specialthankstoallthosewhocontributedtotheinsightsofthisreport:Thenonexecutivedirectorsfrom

some

ofthe

world

s

largest

companies.

Senior

EY

subject

matter

specialistsandnon-EYthoughtleaders(andgovernanceassociationleaders),withexpertiseacross

a

broad

swathe

of

domains,

including

AI,

technology,

sustainability,

and

new

enterprise

models.

ParticularmentionalsotoEYcolleagues:SharonSutherland,

EYGlobal

Center

for

Board

Matters

Leader;

Dr.

Dean

Blomson,

Independent

Governance

Researcher

and

EY

alumnus;Tiffany

Bachmann,EYGlobalAssuranceValueandDistinctive

Client

Experience

Leader;Johnde

Yonge,

Director,

Business

and

CxO

Insights,

Ernst

&

Young

LLP;

and

Andrew

Hobbs,

EYGlobal

Public

PolicyEMEIA

Leaderand

EYCenterfor

Board

Matters

Leader(EMEIA).Like

this

bridge,our

research

found

two

distinct

paths

when

it

came

to

what

should

or

shouldn’t

be

done

to

reimagine

governance

models.Jeanne

BoilletEYGlobalClientService

PartnerCouncil

Assurance

LeadConclusion

Introduction

2What

is

the

agenda

for

reimagining

more

strategic,future-looking

boards?Foreword

Foreword6Eagenda

forreimagining

governanceE4

Encourageindependence Introduction

Introduction

6E

agenda

Conclusion

Boarddirectorssignala

growing

need

to

reimagine

theAbout

the

EY

Board

of

the

Future

researchcurrent

governance

model

The

research

presented

in

this

report

was

inspired

by

the

observation

—

gained

through

formal

and

informaltosustain.In-depthinterviewsconductedwithnonexecutiveboard

directors*

of

someKeystressorsincludeanescalatingvolumeofregulatory

requirements,of

the

largest

global

listed

enterprises

for

the

EY

Board

of

the

Future

study

rapid

technological

innovations,

geopolitical

disruptions

and

intensified

scrutiny

To

explore

the

sustainability

of

the

current

governance

model,

the

EY

organization

conducted

in-depthreveal

a

governance

model

under

strain

—

calling

into

question

whether

it

from

a

broader

range

of

stakeholders.

interviews

with

21

nonexecutive

directors

serving

on

the

boards

of

some

of

the

world’s

largest

companies,can

be

sustained

—

but

also

an

actionable

agenda

for

change.

with

aggregate

revenues

of

US$1.9

trillion

and

a

market

capitalization

of

US$2.3

trillion.

Most

are

partoftheFortuneGlobal500.Thisgroupofcompaniesrepresents

multiplesectors,

includingautomotive,Most

study

participants

report

being

overloaded

and

struggling

to

maintain

to

match

the

strategic

and

operational

tempo

and

scale

of

global

business.

consumer

products,

retail,

mining,

financial

services,

energy,

aerospace

and

telecommunications.comprehensiveoversightacrossvast,multimarketoperationsandto

findThesefactorsthreatentheefficacyandsustainabilityofgovernanceoversightsufficient

time

for

critical

strategic

foresight.and

stewardship.Ourintervieweesserveonatotalof90boards.Asa

result,this

reportoffers

a

“voice

ofthe

director”Theydescribeagrowingsenseof“unsustainability

given

theWithout

new

modesofgovernance,wefacegrowing

risksofseveregovernanceincreasingdemands,”inthewordsofone

participant.

Eventhose

withsystemfailures,missedstrategicopportunitiesanddisruptiveupsides,aswellasa

more

positiveviewpointacknowledgethegrowingchallengesoflesswillingnesstoserveinthenonexecutivedirectorrole.enterprisemodels.Importantly,thedirectorsinourstudydidnot

justidentifygovernancerisksA

business

environment

becoming

increasingly

nonlinear,

accelerating,

and

challenges;

they

also

offered

valuable

insights

on

how

to

address

them

Undertaken

with

Dr.

Dean

Blomson,

an

independent

governance

researcher

and

EY

alumnus,

our

researchvolatile

and

interconnected

(NAVI)

contributes

to

this

challenge.1

with

timely

actions

in

the

boardroom

in

collaboration

with

management.

These

focuses

on

the

overall

state

of

governance

rather

than

the

specific

boards

and

circumstances

of

theinsights

yielded

a

set

of

six

priority

areas

for

change.

We

call

this

the

“6E”

interviewees’

companies.

Interviewee

names

and

affiliations

have

been

kept

confidential

to

enable

candor.agendaforreimagininggovernance.Atwo-partstudyA

6E

agenda

for

reimagining

the

current

governance

model:

This

report,

part

I

of

our

study,

focuses

on

how

we

can

practicably

improve

governance

over

a

three-Eachstepinthe6Eagendasupportsthenextone,creatingavirtuouscycle.Justasthechallengesaremultifacetedandinterconnected,sotooaretheactions.governanceinlightofmegatrendsinabusiness

environmentthat

is

nonlinear,

accelerating,

volatile

andinterconnected(NAVI).

Reduce

burdens

on

directors

and

free

up

time

tofocusonthetopicsthatmattermost.Change

ways

of

working

to

allow

the

boardE2

Enhanceeffectiveness6E

agenda

Engage

the

ecosystem

to

improve

foresightPreventgovernancefailureswithcuriosityandGivedirectorsgreaterconfidenceintheirgovernance

E5

EngineersimplicityAugmentboardcapabilitiesaspart

of

a

E6

Employ

AI

broader

enterprise

AI

strategy.

1.

“Whatifdisruptionisn’tthechallenge,butthechance?,”EYwebsite,/en_gl/megatrends/what-if-disruption-is-not-the-challenge-but-the-chance,accessed30September2025.*Anonexecutivedirectorisanindependentmemberof

a

company’s

board

who

does

not

manage

the

company’s

day-to-day

operations.accountofthechallengesfacedbylarge,multimarketorganizations.

Inaddition,

interviewswere

heldwithseniorEYsubjectmatterspecialistsandnon-EYthought

leaders(andgovernanceassociation

leaders),withexpertiseacrossabroadswatheofdomains,includingAI,technology,sustainability,and

newEYboardinteractions—thatmanynonexecutivedirectorsfindaspects

of

governance

increasingly

difficultyear

time

horizon,beginning

today.Part

II,due

out

early2026,will

lay

out

“what

could

be”the

future

ofWiththecurrentmodelrootedinthestatusquo,boardsfrequentlyfindithard3What

is

the

agenda

for

reimagining

more

strategic,future-looking

boards?E1

ElevateefficiencyE3

Exerciseforesightoftheglobalenterprise.criticalchallenge.todeliverfullvalue.and

sensing.governance.Enhanceeffectiveness:Changewaysofworkingtoallowtheboardto

deliverfull

value.“Suboptimaldynamicsandalackoftrustcanmeanthatexecutiveteams

missopportunities

to

benefit

from

the

wise

counsel

and

strategic

direction

oftheirboards.Keyactionsincludedeliberatelybuildingtrust,resetting

board-Management

teams

view

boards

as

a

necessary

evil,and

boards

don’t

feel

that

they

necessarily

havethe

opportunity

to

influence

the

operations

and

strategy

of

the

company

in

a

very

meaningful

way.Boarddirectormanagementdynamicstoprioritizelisteningandsilobusting,promotingdirectorprofessionalization,andestablishingexplicitboard-management

expectations.Exerciseforesight:

Engagetheecosystemtoimproveforesightandsensing.Boards

suffer

from

a

lack

of

opportunity

for

future-oriented

thinking,“inadequateaccesstofreshperspectivesandinsufficientmechanismsforstrategicexploration.Toaddressthisforesightdeficit,boardsshouldengageBehaviors

are

in

the

way.I

think

many

people

are

more

comfortable

with

looking

at

last

quarter’swiththeexternalecosystem,systematizescenarioplanning,considermoreresults

than

trying

to

wade

around

in

the

uncertainty

of

next

year

or

three

years

from

now.dynamicapproachestorotationandcomposition,workinsprints,andharnessBoarddirectorAItoenhancestrategicdialogue.Encourageindependence:

Preventgovernancefailureswithcuriosityandcriticalchallenge.“The

role

of

the

director

is

not

just

to

have

read

the

documents

and

have

an

opinion;it’s

to

be

able

tochallenge

the

thinking.So,how

good

are

you

at

challenging

thinking?BoarddirectorBoardeffectivenessdependsonindependentthoughtandcriticalchallenge;however,internalculturalpressuresandconsensus-seekingoftenstifledebate,riskinggovernancefailures.Todriverobustoversight,boardsshouldcultivatetheir

own

robust

view

of

risk,seek

unfiltered

information

and

independentsourcesofinformation,andproactivelyengineeracontrarianmindset.Engineersimplicity:Givedirectorsgreaterconfidenceintheirgovernanceofthe

global

enterprise.Thecomplexstructures,numeroussubsidiariesanddiverse

jurisdictionsoflarge“Withanincreaseincomplexity,havingconsistencyandstandardizationinaglobal

organization

isglobalenterprisescreategovernancechallengesandmakeitdifficulttoknowwith

realconfidencewhatishappeningacrosstheorganization.Boardsshould

considerprinciples-basedframeworksbalancingglobalconsistencywithlocaladaptation,reallyimportant,providedyouunderstandandappreciatewhatpotentiallimitationsthatcouldimpose.increasing

their

direct

exposure

to

operations

and

simplifying

entity

structuresBoarddirector(includingownership,organizationalandcapitalarrangements).Elevateefficiency:Reduceburdensondirectorsandfreeuptimeto

focus

on

the

topics

that

matter

most.“I

think

the

goal

is

to

be

constantly

improving.

How

can

we

do

this

better

the

next

time?How

can

webe

intentional

about

looking

at

the

agenda

and

saying

we’re

going

to

spend

20%ofthe

time

on

whathappened

last

quarter

and80%ofthe

time

on

what’s

going

to

happen

in

the

next

five

years.BoarddirectorEmployAI:Augmentboardcapabilitiesaspartofa

broader

enterprise

AIstrategy.“In

my

boardrooms,there’s

really

no

access

to

data

for

asking“what

if?”The

use

of

data

in

the

boardroom

is

very

static,not

dynamic.BoarddirectorDespiteAI’stransformativepotential,boardsfullyacknowledgethattheyareunderutilizing

the

technology

in

relation

to

enterprise

and

governance

matters.

BoardsshouldoverseetheadoptionofresponsibleAIframeworksandfosterhuman-centricgovernanceaugmentedbyAI(e.g.,utilizingAIforreal-time,data-driveninsightsandpredictiveanalytics).Increasingworkloadsandregulatorydemandsfacedbypubliccompany

boardsdrive

the

need

for

greater

efficiency

to

free

up

bandwidth

andallowmoretimeforstrategicfocus.Boardsshouldpursueactivepre-meetingengagementandcollaboratewithmanagementtoadoptnewtechnologies,streamlineprocessesandfocusagendasonfewer,high-valuetopics.Conclusion

Introduction4What

is

the

agenda

for

reimagining

more

strategic,future-looking

boards?

IntroductionE1E2E3E4E5E66EagendaConcludingthought:SeizetheopportunitytoreimagineTheprevailingsentimentfromtheinterviewsisastarkwarning:thecurrentgovernancemodel

is

understrain.

Withoutadaptationandchange,itisnotamatterof

if

itwill

break,

but

when,

and

how

boards

choose

to

respond.Asonedirectorgrimlynoted,“Itwilllastuntil,

like

Rome,

it

burns

up.

Itwill

last

untilthere’san

epic

failure.

And

then

allofasudden,there’llbeadepthcharge,andallthefishwillswiminanotherdirection.”Whilenotalldirectorsfeeltheheattothisdegree,theconsensusamongstudy

participantsisthat

boardsmustrecognizethat“Whatgotyouhere,won’tgetyouthere,”asparaphrasedfrom

Marshall

Goldsmith,theAmericanexecutiveleadershipcoachandauthor.Figure

1belowshares

the

results

of

the

Director

pulse

poll

on

the

sustainabilityofcurrentwaysofgovernance—adaptationwillbe

key.Byreimagininggovernancemechanismsandembracingtechnologicalandculturalshifts,boardscantransform

fromsometimesreactive,oversight-orientedbodiesintoagile,forward-lookingstrategicpartners,

helpingtocreate

resilience

andsustainedvaluecreationinadynamicglobaleconomy.Meanscore:2.7 (1–2)Notsustainable(3)Somewhatsustainable(4–5)Fullysustainable“Withoutadaption,thisisprobablyaone,butif

youadapt,you’regoingtobe

a

five.

But

right

now,withoutadaptation,you’regoingtobedeadinthewater.Board

directorFigure

1:

Director

pulse

pollWeconductedashortverbalpollaspartofour21board

director

interviews

for

this

research,

designed

to

providedirectlycomparableinsightsintothedirectors’feelingsaboutthechallengesofgoverninginthecurrent

model.35%47%18%How

sustainable

are

the

existing

ways

of

governance

likely

to

be

in

the

future?

Respondonascaleofone

to

five.Conclusion

Introduction5What

is

the

agenda

for

reimagining

more

strategic,future-looking

boards?

IntroductionQ16EagendaE1ElevateefficiencyReduce

burdens

on

directors

and

free

up

timetofocusonthetopicsthatmattermost.6Eagenda6What

is

the

agenda

for

reimagining

more

strategic,future-looking

boards?E1E3E6E2E4E5Thosecommentsnotwithstanding,anotherdirectorwasmoreskepticalabout

thecritiquesofboardworkloads:“Ikindoffeellikeit’sacop-out.Yousignuptodothework,andtheworkisthework.So,youdon’tgettodecidethatit’sonly

fivemeetingsayear.It’swhateverittakes.”Directorsofferedsomekeypracticestheyhadadopted.Forexample,aboardchairinstilledrigoranddisciplineinexecutivesandothercontributors,suchasexternalandinternalauditors,bylimitingexecutivesummariestotwotothree

pageswithkeytakeaways,cappingthenumberofpresentationslides,andforbiddingdense,unreadablecharts.Thesemeasuresallowedtheboardtimetobeusedforstrategicdiscussionanddecisionmaking,ratherthaninformation

review.Towork,thesekindsofpracticesrequirestrongexpectationsettingand

policingbythechair,withactivecollaborationbytheCEO.Ultimately,thecrucialingredientsaremindfulnessandintentionality.Asonedirectorputit:“Themanagementboardhavetorealizetheyneedtoinformina

properway,andboardmembershavetorealizewearenot

justconsumers.”TheDirectorpulsepollreflectsthecontrastingintervieweeopinionsoninformationassimilationandtheneededpush-pullofinformationflows—seeFigure2.Resultingimpact:diminishedcapacityfordeep

oversight

andstrategicengagementTheveryeffortofdirectorstomitigatepersonalliabilitythroughincreaseddiligencecaninadvertentlycreatenewvulnerabilities.Asnonexecutivedirectors

spendmoretimeonregulatoryadherence,theircapacityforstrategicforesight

andasuitablydeepoperationalunderstandingacrosstheenterprisediminishes.

Inturn,theriskofunforeseenfailuresrises,amplifyingliabilityconcerns.Asaresult,boardsfacethepossibilityofbeingheldaccountableforeventstheywerenotpreparedfororwerenotgiventheopportunitytoanticipate.Thissuggestsaboardroomenvironmentwherenonexecutivedirectorstake

adefensiveposture—focusingonriskmitigationthroughcompliancerather

thanproactivelyseekingvaluecreationandengaginginstrategicdialogue

andchallenge.Directorliabilityisamajorfactorinthis,alongwiththerisk-returnpayoff.Despiteincreasingworkloadsandpersonalrisks,directorcompensationhashardlybudged:TheaverageboardretainerforS&P500companiesincreasedbyonly

1%ininflation-adjustedtermsbetween2014and2024,whileaverage

additionalstockawardsdeclinedby3%.2Ithinkthegoalistobeconstantlyimproving.Howcanwedo

thisbetterthenexttime?Howcanwebeintentionalaboutlooking

at

the

agenda

and

saying

we’re

going

to

spend

20%ofthetimeonwhathappenedlastquarterand80%ofthetimeonwhat’s

going

to

happen

in

the

next

five

years.Board

directorAconsistentincreaseinboardtimecommitments,coupledwiththerisingvolume

of

information,indicates

that

simply

asking

part-time

directors

toworkharderisunsustainable.Theemphasismustshiftfromadding

hourstofundamentallyredesigninghowgovernanceworkisperformed,whereandbywhom.Boardsshouldnotsimplyadoptnewtechnologiesbutstrategicallyrethinktheirprocessesandinformationconsumptionhabits,considerauxiliary

sourcesofassistanceandmodesofinteractiontoenhanceoverallefficiency.Asurgeinworkloads

demands

efficiencyPubliccompanyboards,particularlythoseinhighlyregulatedsectors,

contendwithasurgeinworkloadsandregulatorydemands.Directorsreport

beingoverloadedandfacedwithoneroustimecommitmentsextending“wellbeyondmostpeople’sexpectations”

.Naturally,muchofthepressuredependsonthereportingmaturityandbriefingcapabilitiesoftheC-suiteandcompanysecretary—andwhatthechairandboardarewillingtoaccept.Onedirectordescribedthevolumeofinformation

as“extremely

difficult

to

process

and

really

overwhelming.Iwouldsaytheamountofadditionalworkandexpectationsplacedonregulatoryboardsisenormousandvery,verydifficulttoachieve.”The

appetite

for

detail

will

inevitably

vary

from

board

member

to

boardmember,butatheart,it’samatterofvolumeversustime.One

directoroffered:“Idon’tknowthatIbelieveany

board

memberwhosaidthey

readallthematerial.Youcan’tdo

1,500pagesofmaterialandactually

grasp

it.You

go

through

it

trying

to

find

the

nuggets

and

trying

to

find

the

importantmatters.”Another

felt,however,that“there

is

just

no

such

thing

as

getting

too

muchinformation.But

there

is

the

possibility

of

getting

that

information

in

too

shorta

time

frame.”ElevateefficiencyMeanscore:3.3 (1–2)Notfeasible(3)Moderatelyfeasible(4–5)Veryfeasible“I

would

give

it

a

two.I

think

it’s

super

difficult.You’re

really

dependent

on

the

informationthemanagementwantstogiveyou.Board

director“Five,highlyfeasible.You

justhavetocareandyouhavetomakeaneffortandyouhavetoramp

up

on

what

you

don’t

know

or

find

people

you

can

trust.Board

directorThesedatapointssuggestthattheescalatingdemandsandliabilitiesmaycontributeto

a

perceptionthat

the

burdensofadirectorroleoutweighthebenefits.Themisalignmentbetween

compensationand

workload

could

affect

theattractiveness

of

directorships,potentially

diminishing

the

future

pipeline

of

qualified

board

talent.Historically,directorshipsmighthaveofferedamoreadvisoryand

lessscrutinized

position.Today,

it

entails

significantliabilityandaconstantdemandformoregranularoversight.Thisshifthas

ledone

directorto

observe,

“The

golden

ageofbeinganonexecutivedirectorhaspassed.The

joy

hasgone

out

of

it.”

Thistransformation

inthe

nature

of

the

roleraises

a

significant

concern

regarding

the

future

ability

to

attract

and

retain

top-tier

talent

for

board

positions.

2.EYanalysisofdatain“2024S&P500DirectorCompensation

Snapshot,”SpencerStuartwebsite,/research-and-insight/sp-500-director-compensation-snapshot,accessed

17September2025.How

feasible

is

it

for

today’s

nonexecutive

director

to

stay

informed

and

to

make

suitable

inquiriesover

matters

affecting

their

decision-making

or

oversight?Respond

on

a

scale