Business Insight

Board priorities in 2024

11 January 2024

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2024 will be another year when companies are under stress from rapidly evolving macro-economic and geo-political issues as well as new and emerging strategic risks. How Boards prepare and respond will determine the extent of their company's success.

Our global governance, sustainability and risk advisory experts have come together and identified their top 10 priorities for Boards to consider, and address, this year. These include internal controls, failure to prevent fraud, artificial intelligence, transition plans, cyber preparedness and resilience, psycho-social safety, ESG reporting, executive remuneration, greenwashing and class actions risk.

If you would like to discuss the issues raised, please contact any of the key contacts listed below.

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1. Internal controls

Ensuring the effectiveness and proper cultural integration of internal controls has never been more important.

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2. Failure to prevent fraud

The new failure to prevent fraud offence will bring a new focus as organisations will need to demonstrate how they are managing fraud in all areas of the business.

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3. Artificial intelligence

The emergence of Generative AI was the biggest technological advance of 2023. In 2024, as organisations focus on embedding it into their business, they need to be addressing the risks it poses.

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4. Transition plans

Transition plans are coming, with a clear policy shift from voluntary to mandatory requirement to produce and publish them gaining traction.

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5. Cyber preparedness & resilience

In the face of increasing cyber activity from state-based criminals and the use of AI, it is a priority to ensure companies uplift their cyber readiness.

6. Psycho-social safety

Boards must continue to develop their awareness, governance and reporting capability to effectively demonstrate workplace and worker psychological due diligence.

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7. ESG reporting

As jurisdictions across the globe adopt mandatory reporting regimes, there is an increased expectation for better management of ESG risks and opportunities.

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8. Executive remuneration

In a volatile market, executive remuneration continues to be a key focus for all stakeholders and continues to be a matter which makes tempers run high.

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9. Greenwashing

What was seen primarily as a reputational issue, 'greenwashing risk' is increasingly being looked at through a legal lens.

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10. Class actions

The significant increase in class actions in the UK presents a growing risk to corporates and financial institutions in every sector.

This publication is a joint publication from Ashurst LLP, Ashurst Australia, Ashurst Risk Advisory LLP, Ashurst Risk Advisory Pty Ltd and Ashurst Boardroom Advisory Pty Ltd, which are all part of the Ashurst Group.

Ashurst Risk Advisory LLP, Ashurst Risk Advisory Pty Ltd and Ashurst Boardroom Advisory Pty Ltd services do not constitute legal services or legal advice, and are not provided by qualified legal practitioners acting in that capacity. The laws and regulations which govern the provision of legal services in the relevant jurisdiction do not apply to the provision of risk advisory (non-legal) services.

This publication is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Readers should take legal advice before applying the information contained in this publication to specific issues or transactions.