Boards in Emerging Markets Confront a New Era of Heightened Uncertainty, According to a Global Study by BCG, Heidrick & Struggles and INSEAD

New global study explores how boards in emerging markets are strengthening governance, resilience, and decision-making amid mounting uncertainty and complexity

LONDON, Jan. 29, 2026 /PRNewswire/ -- Boston Consulting Group (BCG) has teamed with Heidrick & Struggles, a premier provider of global leadership advisory and on-demand talent solutions, and the INSEAD Corporate Governance Centre to publish a new report examining how boards in emerging markets are governing in an era of sustained uncertainty. Governing Under High Uncertainty: Opportunities for Emerging-Market Boards explores how directors are responding to the growing interaction of geopolitical volatility, economic disruption, technological change, climate-related risks, and evolving societal expectations. Individually and collectively, these forces are reshaping agendas, governance practices, and the role of the board itself.

Based on a series of roundtables and interviews with over 100 senior directors from emerging markets worldwide, the report highlights how uncertainty today differs from traditional risk. Rather than being episodic or predictable, uncertainty is broader in scope, faster moving, and increasingly driven by "unknown unknowns" that defy conventional forecasting and risk-management approaches.

The report finds that boards in emerging markets experience a compounding effect of global and local pressures. International shocks such as geopolitical tensions, trade disruption, and technological change do not replace domestic challenges but intensify them, placing additional strain on governance systems that are often still maturing.

Despite these challenges, the report identifies opportunities for improvement. Many boards are reinforcing foundational governance disciplines, such as role clarity, risk oversight, and contingency planning, while also paying greater attention to trust, culture, and collective behavior. Together, these "hard" and "soft" levers are enabling boards to remain composed, cohesive, and forward-looking when uncertainty peaks.

The study also points to the distinctive role that boards in emerging markets can play beyond the company itself. By engaging constructively with regulators, policymakers, and industry peers, boards can help strengthen governance standards across their markets, contribute to institutional resilience, and build trust with stakeholders. In doing so, governance becomes not only a corporate responsibility but a broader contribution to economic and societal stability.

Burak Tansan, Managing Director and Senior Partner at BCG and Chair of the firm's Türkiye office, said: "In an era of 'sustained uncertainty', effective corporate governance depends not only on formal processes, but on board composition and the quality of debate in the boardroom. Boards that combine diversity, independence, and balanced strategic and sector expertise, and are supported by timely, high-quality information, are better positioned to anticipate emerging risks and opportunities. Regularly refreshing board composition in line with strategic priorities is therefore critical to sustaining strong governance."

Commenting on the findings of the report, Jeremy Hanson, partner in Heidrick & Struggles' Chicago office and a member of the global CEO & Board of Directors Practice, said: "Boards today are operating in an environment where uncertainty is no longer an exception but a defining condition. This research underscores the growing importance of governance that combines discipline, foresight, and constructive challenges. Creating arenas for constructive debate and decision making has never been more important. Boards and companies are learning to harness the power of colliding boundaries and views. This is the new reality, and for boards in emerging markets in particular, the ability to remain composed, aligned, and forward-looking amid complexity is becoming a critical source of resilience and long-term value."

Annet Aris, Senior Affiliate Professor of Strategy and Academic Director of the INSEAD Corporate Governance Centre, added: "Governing under high uncertainty and complexity requires boards to move beyond reactive oversight toward deeper learning, dialogue, and engagement. By anchoring decisions in purpose and values, while remaining open to diverse perspectives, boards can build the resilience needed to thrive in unpredictable environments."

The report concludes with a practical framework designed to help boards assess their readiness for high uncertainty. The framework invites boards to evaluate their governance across three dimensions: hard levers of structure and process, soft levers of trust and behavior, and ecosystem stewardship beyond the firm. Together, these elements provide a roadmap for boards seeking to govern more effectively in an increasingly complex and uncertain world.

Media Inquiries:  
BCG: [email protected]

Heidrick & Struggles: [email protected]

INSEAD: [email protected]

About BCG
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.

For more information, visit www.bcg.com

About Heidrick & Struggles
Heidrick & Struggles is the world's foremost advisor on executive leadership, driving superior client performance through premier human capital leadership advisory services. For more than 70 years, we have delivered value for our clients by leveraging unrivaled expertise to help organizations' discover and enable outstanding leaders and teams. Learn more at www.heidrick.com

About INSEAD, The Business School for the World
As one of the world's leading and largest graduate business schools, INSEAD brings together people, cultures, and ideas to develop responsible leaders who transform business and society. Our research, teaching and partnerships reflect this global perspective and cultural diversity. Our global perspective and unparalleled cultural diversity are reflected in our research, teaching, partnerships as well as in our alumni network of over 71,000 members spanning 172 nationalities.

With locations in Europe (France), Asia (Singapore), the Middle East (Abu Dhabi), and North America (San Francisco), INSEAD's business education and research spans four regions. Our 160 renowned Faculty members from 38 countries inspire more than 1,500-degree participants annually in our Master in Management, MBA, Global Executive MBA, Specialised Master's degrees (Executive Master in Finance and Executive Master in Change) and PhD programmes. In addition, more than 18,000 executives participate in INSEAD Executive Education programmes each year.

INSEAD continues to conduct cutting-edge research and innovate across all our programmes. We provide business leaders with the knowledge and awareness to operate anywhere. Our core values drive academic excellence and serve the global community as The Business School for the World.

For more information, visit www.insead.edu 

About INSEAD Corporate Governance Centre:  
The INSEAD Corporate Governance Centre (ICGC) has been actively engaged in making a distinctive contribution to the knowledge and practice of corporate governance globally. Its vision is to be the leading center for research, innovation, and impact in corporate governance. Through its educational portfolio and advocacy, the ICGC seeks to build greater trust within the public and stakeholder communities, so that businesses are a powerful force for improvement, not only of economic markets but also for the global societal environment. For more, visit www.insead.edu/centres/corporate-governance 

SOURCE Heidrick & Struggles