By Jay A. Conger, Edward E. Lawler III, David Finegold
This awesome paintings finds how forums governing 21st-century corporations can switch their practices and align their ideas to effectively govern the association of the recent economic system. The authors suggest that judging a board's effectiveness may be performed now not in a ''shareholder'' context yet in a ''stakeholder'' context as an alternative. They sofa their reforms in a framework that specializes in what determines powerful governance habit: info, wisdom, strength, and rewards.They argue it truly is habit, no longer practices that count number, and consider forums from a bunch and an organizational viewpoint.
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Additional info for Corporate Boards: New Strategies for Adding Value at the Top
These operating procedures need to be agreed on by allmembers of the board and stated in sucha way that it is possible to assess whether they are being adhered to. Teams operate most effectively when they have rules and guidelines that cover their behavior. It is particularlyimportant that members agree on certain process rules with respectto interactions in the team. Agreements about how teams operate and how theywill judge their own performance are most useful when an assessment processis in place to determine how well the teams are working.
Because board members are oftentimes CEOs or former CEOs themselves, they can draw on a personal history of implementation experience. Directors are in an excellent positionto evaluate implementation efforts becauseof their ability to take a relatively detached look at the performance of the organization. In the case of a failing or failed strategy,boards must bein a position to challenge seniormanagement to change strategies or, if appropriate, change the approaches that arebeing employed to implement the strategy.
A problem can arise when favored activities edge out time forthe others. The challenge therefore is to find a healthy balance between the seven areas of responsibility. Although each role may have a particular “season’’ or timing given the current issues facing the company, they are each due the board’s full attention in the long run. Another problemis that directors can fall preyto the age-old trap of preferring to serve primarilyin the role of counselor tothe CEO rather than judge. It is not as surprisingthat several ofthe CEOs we interviewed made candid comments such this: “My guys [his directors] speak up, but I have the last vote.
Corporate Boards: New Strategies for Adding Value at the Top by Jay A. Conger, Edward E. Lawler III, David Finegold