Digital Board of Directors: Futuristic Corporate Governance

Abstract

Digitalization is a long-lasting development that will have a profound effect on both cultures and organizations. The way a firm approaches the problem of digitization determines whether or not it can keep up with it, which is critical to its future success. The Board of Directors have  a significant say in an organization's lead for adapting to its changing strategic requirements. Various boards have also previously been believed to be reliable, but this study shows that the efficacy of boards is dubious. So today's boards have the skills to help companies predict and build value in the future? A critical research issue is discussed through the introduction of a system where digitalization is expected to affect two specific board functions. It is our findings that the board would no longer consist of centralized groups of people with constant monitoring and correction requirements, but a decentralized network of experts where interventions from those on the ground are preferred. Additionally, we find boards should keep their agendas dynamic and use corporate challenges and opportunities as catalysts for decision making. The committee structure defines the terms of reference of the committee activity, and the activities are conducted according to the group's various plans, projects, and initiatives within the committee boundaries. A framework is proposed which has the objective of helping organizations understand what is required to keep boards current, given that organizations exist in a constantly changing environment. This is the first time in the field of board-to-research history that contributions to board theory have taken place by exploring the question of how boards need to change to fit into the current post-pandemic times. The practical importance of different requirements that go hand in hand with theory creates a theoretical needs for expanded definitions of what boards can and how they are built.