Inside the World of Board Members: A Peek into the Role and Responsibilities through the Lens of Insurance

The Role of a Board Member

The role of a board member extends beyond mere ‘title’ significance. They are essentially the driving force behind corporate strategy, proposing actions while also challenging the shareholding constituent’s decisions. Jean Michel Chatagny strove for more than 40 years in the reinsurance industry and is now working as a non-executive board member for Ageas, a Belgian company.

Despite being at the top-tier, he firmly points out that the role of board members is not about day-to-day management operations but instead supervisory. They have to ensure that policies, regulations, investment strategies, and the company’s ethical standards conform to the regulator’s regulations.

The Diversity of a Board

The diversity of the board members in their experience and capabilities makes a significant difference in the overall functioning of the company. Members come from varied backgrounds, including banking, investment, and research. This collective experience allows the board to function and challenge the management constructively.

Moreover, ongoing training sessions are mandatory for board members to keep up with the ever-evolving financial regulations.

The Art of Balancing Efficiency and Responsibility

The name ‘non-executive’ indicates a role distanced from the daily operations of an organization giving the impression of a more hands-off approach to company matters. However, it’s quite the contrary. Board members continuously have to juggle administrative efficiency and corporate responsibility.

They oversee the formulation and execution of the company’s strategy while simultaneously concerning themselves with the day-to-day management decisions. In this fluid role, they are continuously challenged to maintain an equilibrium between eternal optimism about future possibilities and the underside of corporate strategy.

The Future: Impending Technological Influence

AI or Artificial Intelligence has emerged as a disruptive force set to make some roles redundant, especially those involving a high degree of repetition. Board members like Jean Michel are convinced that AI is set to play a significant part in determining corporate strategy in the future.

With the possibility of AI technology potentially replacing human efforts in recording and documenting board meetings or generally any meeting, the advantages are immense. A more streamlined, time-efficient method of documenting the minutes of a meeting could significantly contribute to a company’s overall efficiency.

However, fundamentally, board membership is about making decisions, which are as much an emotional intelligence matter as a matter of skill and knowledge. The question of whether an AI could someday join a board room might not be that far-off.

Conclusion: The Uphill Ascent to Stability

Jean Michel’s wish is a sentiment echoed globally – desire for a more stable world. In a time rife with uncertainty, changes, and disruptions, a little stability can go a long way in ensuring a more efficient run at the corporate wheel.

Whether it’s the ascent to board membership or maintaining equilibrium as a member, acknowledging the challenges and facing them head-on determines the future of corporations. With technology stepping in and influencing every part of life, it’s more critical than ever to strike a balance in this ever-evolving corporate world.