Russell Reynolds Associates: Five Leadership Issues Worthy of Board and Executive Attention
In the oil and gas and power and utilities industries, uncertainties linked to commodity price, changing operating and business models, the effect of technology and cybersecurity, regulation and oversight, new competitive forces and a host of other risk drivers all are contributing to conversations in boardrooms and executive offices.
Russell Reynolds Associates identifies five issues and their implications on leadership talent that should be top of mind for oil and gas and utilities sector executives as they look to attract and retain the right leadership talent for these challenges.
1.Identifying next-generation leaders. Companies need to consider which executive profiles will enable the organization to thrive in an increasingly connected global industry.
2.Improving capital allocation. The role of the CFO has evolved, as the ability to allocate capital effectively has become very important for better project execution.
3.Mitigating risks. The finance team, the legal function; the health, safety and environment team; and the cybersecurity teams are increasingly at the forefront, ensuring that the company is well-protected against external risks.
4.Embracing and managing technological change. Investments in innovation and a corporate culture ready to adapt new technologies will be main differentiators going forward.
5.Creating a board ready for the future. Traditional issues like CEO succession and remuneration remain, while shareholder activism, digital transformation and cybersecurity present new challenges.
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