Boards are feeling the pressure.
All over the world, economic challenges, organisational stresses, and increasing competition have ramped up the need for top-class boardroom performance.
However to truly improve board governance we must first get to the core of the underlying problem: today’s boards are largely comprised of busy, part-time members who have limited knowledge about the organisation they oversee and little time in which to make decisions about everything from broad strategy to succession planning to financial veracity.
How boards carry out their roles, behind closed boardroom doors, is the real driver of success or failure.
For some it is time to:
1/ Redefine the board’s role in the light of new information and changing circumstances of the organisation.
2/ Redesign board structure to create a more appropriate leadership model, size and committees.
3/ Select and develop new board members who have the right mix of experience and skills.
4/ Reshape board processes and practices in order to drive new behaviours and improve decision making.
5/ Create board value creation in order to help propel the organisation towards its strategic goals.
In order to do this, first the board has to analyse and assess it’s own performance and ability to create value.