CEOs are facing a slew of momentous issues right now. We’re trying to understand what disruptive technologies such as generative AI will mean for our businesses; some of us are managing five generations in the workplace; and we’re navigating our companies at a time of political divisiveness, which will be played out in 2024 when citizens of more than 50 countries, representing about half the world’s population, will vote in national elections.

Tim Ryan, senior partner at PricewaterhouseCoopers (PwC) US, says amid all the changes, CEOs will need to surface one trait in particular: “Without a doubt, the No. 1 quality or characteristic that CEOs need to have has to be humility,” Ryan says.

Make no mistake, Ryan isn’t suggesting that now is a time for modesty. Quite the opposite—he feels CEOs need to be bold in addressing challenges, adding, “if you have a bold agenda, by definition you’re willing to make mistakes, and that’s where the humility comes in—to make sure you recognize those mistakes quickly and fix them right away.”