Final answer:
The job of corporate boards has become increasingly complex due to the need to balance corporate responsibilities with social, economic, and environmental concerns, the challenges of establishing ethical practices for emerging technologies, and adapting to a rapidly changing business environment. Work overload and ambiguous roles add to their challenges, especially as firms shift toward team-based structures.
Step-by-step explanation:
The job of corporate boards has become increasingly difficult and challenging for several reasons. First, corporate boards have to navigate a complex array of social, economic, and environmental responsibilities, determining how much they should involve themselves in these issues. Furthermore, they face the challenge of establishing ethical practices in the face of emerging technologies, where guidelines may be uncertain or non-existent.
Corporate boards traditionally ensure that the firm operates in the interests of shareholders, but the reality often sees top executives exerting considerable influence in nominating board members, which can lead to conflicts of interest and less oversight. Shareholders, on the other hand, seldom have the incentive or resources to nominate alternate candidates, potentially leading to a lack of true representation and accountability.
In addition, the rapidly changing business landscape due to technological advancements, globalization, and demographic shifts requires boards to adapt quickly, which can lead to work overload and ambiguity in roles. The move toward team-based structures for delegating work, while popular, does not always result in increased productivity and presents its own set of challenges and complexities that corporate boards must oversee and manage effectively.