Transforming Corporate Governance To Meet The Challenges Of Modern Business Models

The role of corporate governance in enabling energy companies to overcome crisis conditions,particularly during the COVID-19 pandemic, while simultaneously pursuing new strategic opportunities throughenvironmental, social, and governance (ESG) initiatives is examined. Using a multiple-case study approach,the activities of large energy corporations and startup firms are analyzed to assess how boards of directorspromote innovation, manage stakeholder networks, and facilitate organizational transformation during periodsof disruption. The findings indicate that ESG-related initiatives faced substantial challenges throughout thepandemic, leading boards to assume a more active role in supporting innovation and restructuring organizationalprocesses. In addition, the study refines the Business Model Dynamics framework by clarifying the distinctionsamong Business Model Innovation, Business Model Adaptation, and Business Model Evolution. The resultshighlight the importance of aligning business model changes with organizational strategic objectives. Theproposed framework contributes to a deeper understanding of the relationship between corporate governanceand business model transformation and offers practical guidance for strengthening innovation, sustainability,and long-term organizational resilience in rapidly changing environments