MegaTrends Summit Reveals Key Sector Developments

The Advisory Board Centre has been running the MegaTrends Summit for a decade, and 2024 saw the event hosted in Singapore. It was only fitting; known for its leadership in advisory boards, governance, and economic growth, Singapore was the ideal backdrop for our increasingly global membership.

With the event bringing together the world’s leading advisory board professionals, the summit proved to be a bellwether for the key developments and top emerging trends in the advisory board sector.

Currents of Change: Top 5 Trends to Emerge from the Singapore Showcase

1. The Growing Maturity of the Advisory Board Sector

The advisory board sector is steadily maturing, with an increasing focus on professionalism and best practices. Board professionals are more committed than ever to staying updated on industry trends, taking a leaf out of the ‘lifelong learning’ chapter by continuously developing their expertise. The global nature of business and the need for a more interconnected and adaptable approach to governance is another sign of the sector’s maturity, with many advisory boards and governance systems spanning multiple jurisdictions.

2. The Imperative of Ethical Engagement

Recent instances of ethical misconduct have underscored the importance of maintaining integrity and professionalism, ensuring that boards and advisors consistently think, advise, and act ethically. It’s non-negotiable, and the sector relies on these standards to uphold our reputation in the governance space.

3. Industry 4.0 and the Rise of AI

When it comes to Deep Tech, AI, Robotics, and Green Tech, it’s clear that there are enormous challenges to navigate — particularly in terms of policy, consumer protection, and ethical considerations. The rapid pace of change calls for the advisory sector’s immediate attention. Summit attendees left with a strong sense of the inevitability of technological transformation and the pressing need for businesses to adapt to stay relevant. To say Singapore is proactive would be an understatement; the level of activity and investment in this space is truly remarkable.

 “When it comes to Deep Tech, AI, Robotics, and Green Tech, it’s clear that there are enormous challenges to navigate — particularly in terms of policy, consumer protection, and ethical considerations. The rapid pace of change calls for the advisory sector’s immediate attention.“

4. Lifelong Learning as a Key Driver for Future Growth

A standout theme was the critical role of lifelong learning in driving future growth. Skills required to support tomorrow’s industries will continue to evolve, and as such, individuals will need to take personal responsibility for their ongoing development in order to drive value creation. Singapore leads the way here; every Singaporean is allocated a budget to further their education, positioning the country as a proactive force in ensuring its workforce is well-prepared for the future.

5. A Model for Success: Singapore’s Impact on Governance and Strategy

Singapore boasts a high penetration of advisory boards across various sectors, playing a crucial role in shaping governance and supporting strategic decision-making. As detailed by Heidrick & Struggles in ‘The Board Monitor 2024’ report, the proof is in the numbers: boards worldwide are increasing their operational engagement at a rate of 74%, while Singapore soars at 96%. Similarly, risk-mitigating advisory boards make up 26% of boards on average, while in Singapore, that figure rises to 41%. The country’s dedication to effective governance and innovation serves as a model for others to follow. By developing human capital, fostering ethical governance, and embracing technological advancements, the country has positioned itself as a leading force in the global business landscape.

As we look ahead, these market insights highlight the dynamic future of advisory boards and their pivotal role in shaping responsible, innovative, and globally-minded organisations. With its commitment to best practice excellence and leadership, the Advisory Board Centre will continue to champion these critical conversations, helping to shape an ambitious and resilient future for our global community.