Jeffrey Immelt, CEO and chairman of GE, spoke at our recent NACD chapter event here in New England. Joining him on the panel were Cathy Minehan, the dean of the School of Management at Simmons College, and Suffolk Construction CEO John Fish. Immelt’s insights were informative, interesting, and actionable. Afterward, I found myself thinking how well his remarks align with NACD’s efforts to future-proof boardrooms around the world.
We’ve pursued this effort in a variety of ways, but none so directly as the NACD Directorship 2020 initiative. “2020,” as we at NACD have come to call it, focuses on arming directors with the knowledge and foresight that feeds success in a changing world. The initiative encourages boards to diversify backgrounds, perspectives, and experiences in ways that prepare their organizations with the leadership necessary to remain competitive in the midst of volatile geopolitical, technological, and environmental situations.
Immelt’s discussion with our chapter touched on many of these disruptive market forces, especially economics. The facts are clear: we live in a new normal, and things aren’t going to simply settle down. “The uncertainty is the state of affairs, and it’s just going to be there for a long time,” said Immelt.
So how can directors help guide their organizations through this perpetual uncertainty? Immelt recommends a focus on U.S. manufacturing, an area where he believes our country is currently more competitive than it has been in 30 years. He was also quite prescriptive about the need for boards and their organizations to address underemployment, calling that goal the “major social responsibility initiative of business.”
But perhaps one of the most pertinent points Immelt made was also the most provocative: “The thing that drives growth is small- and medium-size business. Everyone says they love them, and everyone does their best to kill them every day.”
I take that to heart as an NACD chapter president. NACD has many members from the Fortune 100, but we also count plenty of small- and mid-size organizations among our membership. Only by working together–not separately–can we effectively address all the disruptors we face as we lead our organizations into the next decade. NACD will continue to bring all our members together for collaborative and educational opportunities. Capitalism is ever changing, so we must adapt, evolve, and lead.