SINGAPORE - Corporate leaders have to work on finding the best value investments, as well as try and keep ahead of regulatory changes in the year ahead, professional services firm Deloitte said in its Lead or be Led report released this week.
These two areas of concern were highlighted with eight other key issues for 2013.
As the global business outlook remains uncertain, Deloitte recommends that business leaders work on developing risk-aligned strategies beyond the usual day-to-day operational and financial risks; expect the unexpected to be better prepared for crises; and mantain a consistent longer-term direction as well as flexibility to come up with short-term responses.
Its report also suggests that companies develop good sustainability practices for superior performance; provide useful and succinct information to its stakeholders; prioritise CEO succession; focus on winning talent for the firm; and invest in technology and innovation.
More details are available in the press release below:
A report by Deloitte Touche Tohmatsu Limited's Global Center for Corporate Governance, the 2013 Directors' Alert, assists boards of directors in identifying the issues of importance to their organisations for 2013.
The report entitled "Lead or be led: Time to take advantage of the new business reality", promotes boardroom discussions around the strategies that management has put forward to address key challenges and seize opportunities that lie ahead.
The report outlines 10 key issues that boards of directors may face in 2013:
1. Finding the best value for cash
Faced with continuing global economic uncertainties, companies that have set aside cash reserves and wanting to put these funds to work to build their organisations will need to determine a plan to achieve the greatest value from their investment.
2. Getting ahead of the next regulatory wave
In a global business environment, organisations need to keep abreast of actual and potential regulatory changes in more than just their home markets and must take the necessary steps to remain compliant with multiple regulatory changes which can be a major challenge.
3. Developing risk-aligned strategies
Today, boards' involvement with risk oversight has broadened beyond day-to-day financial and operational risks to include strategic and environmental risks.