How to stay relevant with ‘new ideas’
dubai — Institute of Directors India concluded its annual 2017 Dubai Global Convention on Thursday with a call to corporate leaders to remain open to new ideas and show willingness to explore opportunities to improve for staying relevant and competitive.
“Change or you will be changed,” that was the buzzword at the convention, which was attended by more than 400 participants, 160 leading organisations from India and other countries.
Currently the global economy is witnessing significant economic changes and implementing a robust risk management framework is very much essential to protect corporate bottom line and reputation, participants were told by thought leaders and speakers.
Prof. Colin Coulson-Thomas, who gave the key-note speech on “Driving performance excellence through disruptive Innovation and visionary leadership,” said many directors, companies and family businesses face new challenges. “Established strengths can become weaknesses. Within boards, old alliances may dissolve and new divisions might emerge. The number of options, choices and issues to be faced may require new ways of operating as a director.”
He argued that the nature of the directorial role, performance criteria, how disagreements are handled and what it is reasonable to expect might have to change. “New mechanisms may require new people, new forms of ad hoc relationship and a different division of responsibilities. When so much is uncertain, planning and succession become problematic. Many solutions may turn out to be a temporary fix.”
Prof. Coulson-Thomas said such challenges represent but one side of what can be considered. The other is the many opportunities that innovation can create. “Innovation is required to address many of the most pressing problems facing mankind. The decisions of directors, boards and entrepreneurs will determine whether or not they are successfully tackled, whether
Directors should aspire to be openminded, objective and dispassionate. They may also be expected to be both entrepreneurial and prudent Prof. Colin Coulson-Thomas
innovations help us or harm us and the nature of our future. In this sense, every director is in the front line. Individually and collectively directors will be judged by where they choose to excel and how they handle innovation,” he said.
Innovation and disruptive technologies can be a challenge for some and an opportunity for others, he pointed out. “Directors should aspire be open-minded, objective and dispassionate. They may also be expected to be both entrepreneurial and prudent,” said Prof. Coulson-Thomas.
The three-day event concluded with a special session in association with Dubai Police on “Intellectual property rights & innovation for driving board agenda.”
The convention was organised under the patronage of Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Culture and Knowledge Development, who inaugurated the convention in the presence of Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman and Chief Executive of Emirates airline and Group, and Chairman of Dubai World.
While delivering his chief guest keynote address and also welcoming all the participants Sheikh Nahyan said: “The experience, intelligence, and vision of the Institute of Directors guarantee its success.”
“Performance excellence is always on your mind. You know that your reputation for business-savvy will suffer if you are not prepared to discuss disruptive innovation at any time of the day or night. You probably extol visionary leadership at least once a day,” he said.
Dr. Tayeb Kamali, Chairman, IOD India, UAE Chapter Director General, Education and Training Development, Ministry of Interior, UAE was the convener of the Dubai Global Convention.
Institute of Directors is committed in its endeavour of building boards of the future. Like previous years, this year’s Convention was also attended by a large number of Industry heads from India and the world, Institute of Directors, India will be coming back again next year in 2018 with new thoughts and new agendas to bring together businesses and industry leaders from across the globe, said Manoj K Raut, CEO & Director of IOD.
— issacjohn@khaleejtimes.com