Digitalization: The changing role of supervisory boards

In his interview with LEADERSNET, Dr. Josef Fritz, Board Search Managing Director and founder, talks about the digitalization rate in Austrian supervisory boards as well as the AREX Award, in which GBTEC (formerly avedos) is also represented this year.

The role of supervisory boards is changing – from an honorary post to a full-fledged profession in itself. The growing digitalization is bringing supervisory and executive boards even closer together and transferring traditional decision-making competencies from executives to supervisory board. Supervisory boards are not only consulted regarding decisions. They are playing an increasingly active role and becoming well informed about processes in the company.

Being a member of a supervisory board today is a very active profession that has little to do with the rubber-stamping role of the past. Digitalization is also placing new demands on its digitalization experts who within the board are responsible for overseeing the digital innovation, safeguarding the company’s future existence, and ensuring efficient enterprise management.

The AREX Award

Board Search is dedicated to raising the quality of Austrian supervisory boards. As part of its work, it has initiated AREX, an award for supervisory excellence which was presented this year on 15 November 2018 during a supervisory board gala event in Vienna. An independent jury of experts selected the winners in five difference categories. Over 350 select guests enjoyed a diverse program in the one-of-a-kind backdrop of the Grand Hotel Vienna. Leading companies from various disciplines, including GBTEC as a GRC expert, also offered the supervisory board members new insights and perspectives to achieve enterprise excellence.

GRC as a key to excellence

A growing community of innovative supervisory boards aspire to drive the sustainable success of a company within their role. In order to achieve this, fundamental changes in reporting and board communication are necessary. Especially in the case of reports that stem from the processes of governance, risk and compliance (GRC), new principles stemming from a new way of thinking are essential. This provides an opportunity to view other reporting focal points in an integrative manner.

As a GRC expert, GBTEC is convinced that insightful reporting is an essential component of a profound GRC strategy that significantly influences the sustainable success of a company. We accompany supervisory boards along this path and ensure that they receive the information they need when they want it and in the desired granularity.

Read the view German interview from LEADERSNET with Dr. Josef Fritz.

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