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focus rigorously on long-term profitability, creating long-term value for shareholders. Counterintuitively, in setting a goal of long- term value for shareholders, stakeholders share in the benefits. Cossin said: “Profits are still the best proof that you are using your capital and resources from society properly.” In his work with high-level boards across the globe, Professor Cossin sees first- hand the major challenges that boards are currently addressing, from technology to geopolitics, and from M&As and consolidation to supply chains. In tackling these head-on, the shift to values-based governance has already begun and will only intensify as new priorities shape the new normal. “Governance quality has been a key driver of performance during the crisis,” said Cossin, whose research shows that organizations that governed better fared better – to the tune of 17%. “We must now look at how it will remain a key differentiator in the post-crisis world.” From driver to differentiator

"We must now look at how it will remain a key differentiator in the post-crisis world."

On the other hand, any external board communication should follow the “One voice principle”. Fundamental to good governance, this principle implies that board room conversations are secret. “There must be one voice for the board,” he said. “This should include the views of the whole board but should be spoken by the chairperson alone." “Stewardship is the view that we are of service,” said Cossin, “not just now, but that we can be of service to the next generation for both value creation and positive social impact.” He insists boards have a responsibility to look at being less profitable, noting the example of Swiss pharmaceutical company Lonza. Involved with Moderna’s much-hyped Sars-Cov-2 vaccine, Lonza’s chairman recently announced that the company was not “in it” for the profits alone. 5 Focus on the future

DIDIER COSSIN

strengthen them. One way to do this is to select board members with varying professional experience; not every board member has to be an expert in everything – rather, specialization is helpful. “Certain skills are often lacking on boards,” he observed, “Digital skills are not always the most important of them, surprisingly – it can be political or geopolitical savvy.”

Foster an open, agile governance culture

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Organizations talk of corporate culture, but they shouldn’t forget their board behavior. An open working environment in the board room will allow board members to speak up while maintaining some semblance of support should their opinions stray from the norm.

Rather than letting current shareholder value reign supreme, companies should