What Turkish Boards of Directors Should Learn in the Age of Uncertainty

By Dr. Bertan Kaya | Dünya Gazetesi

The global business environment is no longer defined by risk, but by uncertainty.

Risk can be measured, priced, and mitigated. Uncertainty cannot — because it includes “unknown unknowns.” Forecasting often fails. A recent joint study by BCG, Heidrick & Struggles, and INSEAD, based on interviews with more than 100 board members from emerging markets, highlights a clear conclusion: boards are no longer managing risks — they are managing uncertainty. For companies operating in emerging economies, the challenge is even greater.

Uncertainty Is No Longer Temporary — It Is Structural

Geopolitical fragmentation, shifting trade regimes, artificial intelligence breakthroughs, climate shocks, energy security concerns, and deepening social polarization are no longer isolated trends. They interact simultaneously and at high speed.

As the report succinctly puts it: Uncertainty is not a problem to be solved, but a condition to be led.

This fundamentally reshapes the role of boards. While executive management is absorbed by immediate operational pressures, boards must protect long-term purpose and strategic coherence. Boards are no longer merely oversight bodies; they are becoming institutional “balancing mechanisms” — guardians of direction, values, and resilience.

Emerging Markets: Building Foundations During the Storm

In emerging economies, firms face a dual burden. Alongside global uncertainty, they must navigate volatile regulation, political risk, fiscal instability, and uneven institutional capacity.

One board member quoted in the study captures the contrast sharply:
Boards in developed markets fine-tune under uncertainty. We are trying to build foundations while the storm is already raging.

This description resonates strongly in Türkiye. The challenge is no longer simply good management, but the construction of credible governance standards in environments where institutions themselves are evolving.

From Corporate Oversight to Ecosystem Stewardship

One of the most striking concepts in the report is “ecosystem stewardship.” Boards are increasingly responsible not only for their companies, but for the health of the broader economic ecosystem in which they operate.

The report cites examples from Africa, where boards of financial institutions collaborate directly with regulators to design risk frameworks — not merely comply with them. This proactive approach builds trust, raises institutional standards, and reduces systemic fragility.

In Türkiye, few companies play this role effectively. Yet large firms have the capacity to set sectoral benchmarks, elevate transparency norms, and contribute to regulatory design. Doing so is not altruism — it is a direct source of competitive advantage.

The Resilient Board: Hard Skills and Soft Power

The research identifies two pillars of board resilience.

Hard capabilities include role clarity, disciplined oversight, early detection of weak signals, structured scenario planning, and a board-level “disruption playbook.”

Soft capabilities include trust, psychological safety, openness to dissenting views, and decision-making anchored in values rather than short-term pressure.

One powerful line from the report stands out: Resilience is as much about values as it is about liquidity.

This is often the weakest link in Turkish boards, many of which still function as presentation-review and approval mechanisms rather than strategic thinking platforms.

A Practical Agenda for Turkish Companies

The study offers a clear roadmap for boards in Türkiye:

• Shift board agendas away from reporting toward weak signals and future risks

• Develop a written disruption playbook at board level

• Foster psychological safety within the boardroom

• Build structured dialogue with regulators and sector stakeholders

• Transform the board into a continuously learning institution

Governance Will Outperform Management

Uncertainty will not fade. But a new equilibrium will eventually emerge. When it does, companies with strong institutional governance, credible boards, and trust-based decision frameworks will define the next generation of sector leaders.

The core message of the report is unmistakable: boards are no longer shaping only corporate outcomes — they are shaping the institutional future of their countries.

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