Interview with Nathalie Bourquenoud
Member of the Board of Vaudoise Assurances, Chocolats Camille Bloch and the Foundation of the Committee of UNICEF Switzerland and Liechtenstein
The role of the Board of Directors in relation todemographic change
Nathalie Bourquenoud
Nathalie Bourquenoud is a member of the Board of Vaudoise Assurances (including its Remuneration Committee and its Digital Transformation Committee), of Chocolats Camille Bloch SA, and of the Foundation of the Committee of UNICEF Switzerland and Liechtenstein. As the founder of Oxadi AG, she has experience of overseeing organisational transformation. Prior to this, she contributed to transforming employment at PostFinance and Mobiliar, bringing both companies in line with the demands of the digital world and making them two of the best employers in Switzerland. At the age of 34, Nathalie Bourquenoud was the first female manager at Swiss Post and was promoted to CFO of PostColis SA. Her 17 years at PostFinance and Raiffeisen gave her wide ranging experience in retail banking. She also spent eight years on the management team of Mobiliar, while for six years, she was President of the Board of Directors at insurance company SwissCaution.
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SwissVR Monitor: You have proven expertise with mandates on Boards across different sectors. What is the role and responsibility of Boards when it comes to tackling the impact of demographic change?
Nathalie Bourquenoud: The impact of demographic change is far wider than just the effects on a company’s employees or resources. It also extends to its customers, its development strategy, its digital transformation, and its political and geographical importance. The Board’s job is to ensure the company remains viable for the future by making it attractive and efficient in the long term. The onus is on the Board to be forward-looking in its approach to the impact of demographic change so that the company can be proactive rather than reactive.
swissVR Monitor: Our survey findings show that just over half of all Boards have discussed demographic change over the past 12 months. How do you react to that figure?
Nathalie Bourquenoud: It’s a good start, but that means that nearly half of all Boards are not discussing the issue. Ignoring demographic change is like being in a boat and ignoring the fact that the water level is rising with the tide. Proactive Boards will always be one step ahead of the competition. Discussions should also be conducted at every level of the organisation. It’s vital that investments are considered strategically rather than focussing solely on cutting costs at any price.
swissVR Monitor: Our research also shows that most Boards discuss demographic change within the full Board but rarely in committees. Which committees do you think are particularly relevant when it comes to this issue?
Nathalie Bourquenoud: Well, at least the issue is being discussed, but discussion about demographic change needs to go further than just statistics: it is a qualitative challenge that focuses on the skills and expertise we need to secure our future. The issue is relevant to Nomination and Remuneration Committees (because it covers talent management and diversity), to Strategy Committees (because it covers the company’s offering and ability to tap into new markets) and to Digital Transformation Committees (because it relates to both human and technological skills). And why shouldn’t the social impact of demographic change and intergenerational transfer also be on the agenda for the CSR Committee? Demographic change is an overarching issue and calls for thorough discussion at all levels.
swissVR Monitor: More than eight out of ten Board members surveyed report that their Board has sufficient expertise to assess the impact demographic change will have on their company. Which specialist areas should be represented within a Board to ensure it has sufficient expertise on this issue?
Nathalie Bourquenoud: Expertise needs to be multidisciplinary and cover the following areas:
- Digital and innovation: the younger generations no longer work or consume as older generations did.
- Financial and business models: demographic change is having an impact on consumer spending and on costs.
- Human resources and leadership: it is important to attract, retain and develop talent.
- Regulation and ESG: diversity, inclusion and pensions are all key aspects.
Having specialist expertise is good – but it’s even better to make specific use of it.
swissVR Monitor: According to our Survey respondents, most Boards have not yet set targets in relation to the challenges and opportunities for their corporate strategy arising from demographic change. How can Boards help with target setting?
Nathalie Bourquenoud: Well, why should we always focus on setting targets? What’s most important is to act, to be specific and to develop our systems further. The first step is to make a qualitative assessment of the actual impact demographic change is going to have on the company. The next step is then to initiate a process in which everybody reflects on issues such as cross-generational diversity, product adaptation and the building of key skills. Finally, these challenges need to be incorporated into an overarching strategy that avoids thinking in silos. Companies must not be satisfied with impressive-sounding declarations, either: assess the impact of the measures you take and launch a real internal debate!
