Core Insights - The report by Boston Consulting Group, Heidrick & Struggles, and INSEAD examines how boards in emerging markets are adapting governance practices amid increasing uncertainty and complexity [1][2] Governance Challenges - Boards in emerging markets face compounded pressures from global and local factors, including geopolitical tensions, trade disruptions, and technological changes, which intensify existing domestic challenges [3] - The nature of uncertainty has evolved, becoming broader, faster-moving, and driven by "unknown unknowns," making traditional risk management approaches less effective [2] Opportunities for Improvement - Despite the challenges, boards are enhancing foundational governance practices such as role clarity, risk oversight, and contingency planning, while also focusing on trust, culture, and collective behavior [4] - The report highlights the importance of board composition and quality of debate, suggesting that diversity and independence can improve the ability to anticipate risks and opportunities [6] Broader Impact - Boards in emerging markets can play a significant role beyond their companies by engaging with regulators and industry peers to strengthen governance standards and contribute to institutional resilience [5] - Effective governance is framed as a corporate responsibility that also supports broader economic and societal stability [5] Practical Framework - The report concludes with a framework for boards to assess their readiness for high uncertainty, focusing on hard levers (structure and process), soft levers (trust and behavior), and ecosystem stewardship [7]