The Handbook of Board Governance, 3rd Edition

12Technology and the Corporate Board: Critical Considerations Going Forward

Gary L. Evans, Dip CS, BA, Hons Bcomm, MBA, PhD

Professor, Corporate Governance and Strategy at the University of Prince Edward Island Faculty of Business

Introduction

This chapter reviews technology’s impact on and within the corporate boardroom today and looks forward to the future. Boardrooms have historically looked to technology as a tool of efficiency and effectiveness, but today’s technology is far more. It impacts the very fabric of the business model. It requires that boards take a different view on the concepts of strategic planning and the business models that have historically impacted the corporation’s profitability. Directors need to go beyond the classic concepts of strategic planning and learn to apply exponential thinking as part of the board’s decision process when applying technology to their strategic planning. This chapter explores the mainstream and fringe technologies of 2019–2023 that must be part of the strategic planning process. The pandemic of 2020 has been a valuable lesson on the vital role of technology as companies quickly utilized technology solutions to continue to provide products and services during unforeseen community shutdowns and supply chain disruptions. Boards must develop a different attitude toward technology, not just as disruption but as essential to survival. Boards need to consider technology training for all board members so that they understand the concepts ...