9. The Fourth Industrial Revolution and the New Paradigm of Corporate Governance

The primary objective of this article is to study the increasing role played by information and communication technology and digital strategies, as part of a company’s business strategy, in the activities of its board of directors. In the era of the Fourth Industrial Revolution the transformation of business models and sectors of the economy creates new opportunities and risks; however, such transformations are essential to determine the new logic providing the foundations for business strategies. Information and communication technology is a subject that covers a wide range of issues, requires the systematic participation of various stakeholders, and lays the framework for mechanisms to create values and manage emerging risks. Given that the application of an economy’s digital transformation is an important element in the development and implementation of a company’s business strategy, it is crucial that its governance is within the scope of the company’s corporate governance as one of the key tasks of a board of directors. However, the current practice shows that corporate governance pays insufficient attention to this issue. The paper notes that the ability to revise business in a digital form is largely determined by a clear digital strategy, which ensures that technologies are implemented in a way which meets the company’s business goals. In addition, there are currently plans to draw closer to the ICT strategy and the company’s business strategy in order to implement a unified digital business strategy. In conclusion, recommendations are made to organizations regarding the use of information and communication technology and digital strategies, as well as the statement that they significantly expand the management capabilities of organizations, and the role of a board of directors as a strategic governance body will continue to strengthen.