The term “informed consent” is taken from the medical world. Before an operation a patient has to sign a consent form. The doctors need more than a signature. The patient must have understood the implications of what they were signing. The consent given must have been informed (with understanding).
In the world of business, boards are often asked to approve investments or ratify various decisions. Sometimes the implications (especially ongoing costs to operate etc) are not as clear as they should be.
From an ethical perspective, when we look to our stakeholders – for approval, authorisation etc of decisions and investment proposals – we have a duty of care to ensure that the implications of that decision are understood.
A “strategy” that sets out a compelling vision of a preferred alternative future (but doesn’t explain the costs or risks involved in achieving it) may be inspiring but it cannot receive informed consent.