Boards of the Future

Imagining Sustainable Growth in Pakistan

In an era marked by dynamic and rapid transformation, the landscape of corporate governance in Pakistan is evolving. Boards are being called upon to navigate unprecedented challenges, ranging from the impact of global disruptions to the imperative of sustainable growth and innovation.

August Leadership collaborated closely with influential business leaders spanning diverse industries to gain a profound understanding of their experiences, responses to evolving stakeholder expectations, and emerging priorities. This report aimed to unpack the broader implications of significant trends: 85% believed boards require a wider understanding of technology and sustainability, 77% felt that a lot more needs to be done to achieve real diversity in the boardroom and 92% listed talent as one of the top priorities for boards.

In the process, we unraveled trends, best practices, and visionary observations that are shaping the trajectory of Pakistan's corporate boards, emphasizing their pivotal role in fostering a resilient and future-fit business environment. These actionable insights are presented here to encourage organizations in Pakistan to reflect on their own approaches and ignite critical discussions regarding the role of boards and their evolving responsibilities.
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Mary Macleod

Chair, Board & CEO Practice, August Leadership
Mary Macleod leads August Leadership’s Board and CEO Practice. Joining from the Board Practice at Korn Ferry, she brings extensive experience, including having served as a UK Member of Parliament, Advisor to Secretaries of State and HM Queen Elizabeth II, Global Operations COO, Chief of Staff and Head of Management and Control for ABN AMRO investment bank and human performance consulting at Accenture.

As a widely published advocate for board diversity and female leadership, Mary has also been appointed as Chair of the UK Government’s Women’s Business Council to advise on policies for women in the workplace and represents the UK on the G20 Empower Alliance to improve women’s economic empowerment around the world. She develops financial services executives for the c-suite as the Ambassador of the London Women’s Forum, has initiated Charters for Women in several sectors, supports neurodiversity as an advisory board member of auticon UK, and encourages social mobility by helping young people from more deprived communities to aspire and build skills for the world of work as a trustee of Career Ready.

Musharaf Hai

Advisory Partner, August Leadership
Musharaf Hai is an Advisory Partner at August Leadership. She brings in a wealth of knowledge to the board governance and leadership advisory practice in emerging markets. She is driven by a clear purpose to see more women on boards and the c-suite. Her own journey is an inspiration to people who were fortunate to interact with her. At present, she is on the boards of Telenor Digital Bank and Symmetry Group.

Musharaf’s illustrious career is marked by her extensive professional journey, primarily with Unilever Pakistan, where she dedicated 23 years to the organization, growing brands and developing people. Her tenure encompassed diverse roles in various capacities across UK, Africa, and APAC regions and culminated in her appointment as Chairperson and CEO. Following this, she joined the L’Oreal Group and under her leadership, L’Oreal Pakistan was formed, with a focus on manufacturing, supply chain, and distribution to reach Pakistani consumers. She nurtured a dynamic team and successfully introduced brands like L’Oreal Paris, Garnier, Maybelline, and L’Oreal Professional. Her tenure as CEO and founder of L’Oreal Pakistan concluded in June 2019.

Her outstanding achievements have earned her several accolades, including the prestigious Presidential Performance Award – Sitara-I-Imtiaz in 2005, recognizing her exceptional business contributions to the economy and social sector. In 2011, she was honoured as Chevalier de l’Ordre national du Merite (Knight of the National Order of Merit) by the President of France, for her remarkable role in strengthening diplomatic relations between her country and France. Fortune Magazine recognized her as one of the 50 Most Powerful Women in the World in 2004.

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