Boston Consulting Group publishes report on emerging-market boards

Boston Consulting Group, together with Heidrick & Struggles and the INSEAD Corporate Governance Centre, published a report that examined how boards in emerging markets were strengthening governance, resilience, and decision-making amid mounting uncertainty and complexity.

Based on roundtables and interviews with more than 100 senior directors from emerging markets worldwide, the report found that uncertainty differed from traditional risk: it was broader in scope, faster moving, and increasingly driven by “unknown unknowns” that defied conventional forecasting and risk-management approaches, and international shocks added pressure to domestic challenges and governance systems still maturing.

The study identified that boards were reinforcing foundational governance disciplines such as role clarity, risk oversight, and contingency planning while also increasing attention to trust, culture, and collective behavior; it described these measures as a combination of hard and soft levers that supported boards in remaining composed, cohesive, and forward-looking when uncertainty peaked.

BCG teamed with Heidrick & Struggles and the INSEAD Corporate Governance Centre to publish “Governing Under High Uncertainty: Opportunities for Emerging-Market Boards,” drawing on a series of roundtables and interviews conducted with over 100 senior directors from emerging markets.

“Governing under high uncertainty and complexity requires boards to move beyond reactive oversight toward deeper learning, dialogue, and engagement. By anchoring decisions in purpose and values, while remaining open to diverse perspectives, boards can build the resilience needed to thrive in unpredictable environments.” Annet Aris said.

The report concluded with a practical framework inviting boards to evaluate their readiness across three dimensions: hard levers of structure and process, soft levers of trust and behavior, and ecosystem stewardship beyond the firm.