Yves L Doz, emeritus professor of strategic management at INSEAD, believes that many companies today are trapped in what he calls the "growth curse"—a relentless drive for expansion that often sacrifices long-term health for short-term gain. His solution lies in transforming the boardroom into a strategic powerhouse that prioritises sustainability and broad stakeholder value over quarterly metrics.
According to Doz, boards are often reactive, compliance-driven, and focused on monitoring rather than shaping the company’s future. This operational stance may suffice in times of stability but proves dangerously inadequate in today’s complex, fast-changing environment. He proposes a fundamental shift: boards must become engines of strategic insight and long-term value creation.
Doz argues that the composition and mindset of boards are critical. A strategic board requires members with diverse experiences, broad systems thinking, and the courage to challenge conventional wisdom. It must include individuals who understand not just the financial mechanics of business but also societal trends, environmental risks, and technological disruptions.
In his blueprint for long-term sustainability, Doz outlines how boards can move from passive oversight to active foresight. This includes identifying long-term risks, balancing shareholder expectations with environmental and social impacts, and investing in innovation that serves a wider purpose. Strategy, in this sense, becomes not just a corporate tool, but a social obligation.
He emphasises that the traditional model of shareholder primacy must give way to stakeholder-centric governance. This means considering the needs of employees, customers, communities, and the planet alongside profits. A strategic board, in his view, doesn’t just protect value—it creates it in more inclusive and responsible ways.
Doz also highlights the role of board culture. True strategic impact comes when members trust each other, speak candidly, and bring their full intellectual capacity to the table. He warns against groupthink and rubber-stamping behaviours, urging companies to foster diversity of thought and independent perspectives in the boardroom.
In the face of global uncertainty—from climate change to AI disruption—Doz believes that the future of capitalism hinges on boards that think beyond the next quarter. The growth curse, he explains, is not inevitable. But escaping it requires governance structures that are bold, visionary, and committed to long-term prosperity for all.
Yves L Doz’s perspective is both timely and urgent. For companies seeking sustainable relevance, a strategic board may be their most underutilised yet powerful asset.