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IOD Special Talk - Boards in a constantly Evolving World
One day we are talking about globalization, the next we are dealing with trade tensions and domestic-first policies. As board members, this is the reality we need to navigate - not just reactively, but proactively.
Good morning, everyone.
The theme - What Makes Boards Truly Effective - something that could not be more relevant right now.
I come from Central Depository Services (India) Ltd.- or CDSL, as most of you know us. We manage over 150 million demat accounts and are proud to be the only listed depository in the Asia-Pacific region. But what is more important than these numbers is the unique vantage point this gives us: we get to witness, almost daily, how quickly the business landscape is changing.
And change is the right word. Because let us be honest- we're not operating in a steady, predictable world anymore. We are in what many now call a VUCA world - volatile, uncertain, complex, and ambiguous.
The global rulebook is being rewritten as we speak. One day we are talking about globalization, the next we are dealing with trade tensions and domestic-first policies. As board members, this is the reality we need to navigate - not just reactively, but proactively.
On top of that, technology is moving faster than any of us can fully keep up with. AI, generative tools, quantum computing – they are no longer future concepts. They are a part of the boardroom conversations today. We don't need to be experts, but we do need to be curious, open, and ready to guide our companies through these shifts with confidence.
And then there is the 'people' factor. Our workforce is changing, our customers are changing. Gen Z has entered the chat- both as employees and as consumers. And they want speed, they want purpose, they want transparency. So the way we have been doing things for decades? That won't cut it anymore.
Boards must be willing to have the tough conversations. Constructive criticism is uncomfortable, yes - but often necessary. It is how good companies become great ones.
So what does all this mean for boards?
Let me share two images that have stayed with me.
The first is of a tigress carrying her cub. It's a powerful visual- the same teeth that can be fierce are also gentle enough to carry her young without hurting them. For me, that's how a board should operate: providing strong oversight and guidance, but without stifling or micromanaging the management team.
The second image is from your chemistry class: a catalyst. It doesn't take part in the reaction, but it speeds it up. Boards should not get involved in every operational detail- but they should absolutely be the force that accelerates growth, inspires innovation, and clears the path ahead.
In practice, that means a few key things:
• First, succession planning isn't just about replacing the CEO. It is about grooming leadership at every level. That takes intention, patience, and trust.
• Second, boards must be willing to have the tough conversations. Constructive criticism is uncomfortable, yes- but often necessary. It is how good companies become great ones.
• And third, we need to let go of the idea that boards and management are on opposite sides. We are not. We are in this together. When we lead with empathy, mentorship, and a shared vision, everything else aligns more naturally.
Now, I know these things sound straightforward in theory. But, in real life, they require practice- and above all, they require trust. That five-letter word is easy to say, but hard to build. And yet, without it, even the most brilliant strategy will fall apart.
When there is trust, it becomes the foundation for everything: speed, scale, and the ability to evolve. And isn't that what we all want? Companies that are successful today, and are still relevant and resilient 10, 20, even 50 years from now?
Of course, this does not happen overnight. I believe ongoing training and learning for boards is essentialwhether it is about governance, market shifts, legal responsibilities, or simply learning how to ask better questions.
I will leave you with a quote that I find deeply grounding, especially in leadership roles. It is from Sir Edmund Hillary, the first man to summit Everest:
“It is not the mountain we conquer, but ourselves.”
That, to me, is the role of the board today- not just to manage external challenges, but to constantly evolve within, so we can lead with greater purpose, clarity, and courage.
Thank you.
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Institute of Directors India
Bringing a Silent Revolution through the Boardroom
Institute of Directors (IOD) is an apex national association of Corporate Directors under the India's 'Societies Registration Act XXI of 1860'. Currently it is associated with over 30,000 senior executives from Govt, PSU and Private organizations of India and abroad.
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Disclaimer: The opinions expressed in the articles/ stories are the personal opinions of the author. IOD/ Editor is not responsible for the accuracy, completeness, suitability, or validity of any information in those articles. The information, facts or opinions expressed in the articles/ speeches do not reflect the views of IOD/ Editor and IOD/ Editor does not assume any responsibility or liability for the same.
