To ensure that the board continues to operate effectively and efficiently the board should consider undertaking a critical assessment of its processes, performance and the functioning of the board itself. Our business coaching program is best suitable for them for various business and management skills.
To assist in this periodic review we offer a service to assist the board in this endeavour.
Review main board processes
Strategy development and performance assessment
Risk framework and implementation development
Governance aspects review
Control of the business
Key decision making processes
Board relationship development plan
Board competitive environment update
Quality of board interaction with all levels of key management
Board leadership positioning
External relationships management
Sub committees structure and performance
Developing future leadership in the business and the board room
Individual director mentoring programs
Also see Training
Boards of directors select and motivate senior management, set and review strategy and budgets, develop and implement good corporate governance, identify and manage risk, ensure compliance with regulators and tax authorities, assess capital requirements, authorize expenditure, protect the business`s strategic assets -such as reputation and intellectual property and also hard assets such as property. And the board must regularly review ongoing actual performance of marketing, sales, operations, finance and human resources against the budgets and strategic plans.
Retaining and developing the board is fundamental to the smooth running of the business, and improving the board”s effectiveness and efficiency adds to the ultimate success of the business. We support boards by providing independent and confidential board mentors who can facilitate and improve board functioning and decision-making.
Our confidential board mentors with the right background and experience, support the board providing strategic benefits and help by facilitating and supporting your board.
The main areas covered in a review of the main board processes include:
This area requires strategies to be developed after proper research and consideration by the senior management and the board. This needs to be approached in a way that delivers robust outcomes and results acceptable to the owners of the business and those with a significant stake in the business`s future. The strategies must also consider the broader environment and the risks that exist or may exist in the future. The board must also ensure that the delivering of strategies is fully accepted by the management and board teams. Also that success can be measured and all held accountable for its delivery. Our board mentors can review how this is done and help facilitate the desired outcomes.
A risk framework needs to be developed and in place before risk identification and assessment can proceed in an orderly fashion. Once risks are identified these should be assessed and appropriate risk mitigation strategies put in place. These should be reviewed to ensure that appropriate action continues to be taken and a reassessment of the risks takes place with changing circumstances or environments. The board mentor can review how this is done and help facilitate improvements.
All aspects of the corporate governance process need to be reviewed to ensure these are adequate and that these are being followed by the organisation, as directed by the board. And specifically does the board have in place adequate and appropriate delegated authorities and maintain strong checks and balances so that management`s actions are subject to scrutiny at appropriate levels. Also the board needs to ensure that strong division of duties exist to maintain the appropriate balance of power within the organisation. The board mentor can help you to review this area.
How does the board and senior management exercise control over the business in the broadest sense?
This question includes the finances, assets, insurance, security, IP, risk management, reputation, strategy implementation, meeting performance targets, staff performance reviews, good access to resources and funding, legal liability limitation, delegated authorities, division of duties, audit, and OH&S.
The board mentor can review how this is done and help facilitate improvements.
This is a review of how decisions are made to ensure consistency and the full input of directors and senior executives as appropriate. The methods of arriving at various decisions need to be reviewed for any improvement to the process (not the decisions) including the board papers and other information supplied before the decisions are made. The board facilitator can review how this is done and help facilitate improvements.
This reviews what the board`s key relationship should be and looks at a plan to maintain or develop these relationships as appropriate. These relationships will include the owners of the business, internal staff, external customers and suppliers, industry figures or bodies, funders of the business, employees and other stakeholders in the business.
This plan has a timetable of events to further develop the relationships in line with their value to the business. The board mentor can review this and help facilitate your relationship plan.
All boards should have competitive environment updates from their staff and should from time to time establish research so that they understand the competitive environment in which the business operates. A board mentor can help facilitate the board to ensure that sufficient environmental update is being provided as background to the board’s decision making.
The quality of the board`s interaction of all levels of key staff is very important to the directors and understanding how the business is performing. The quality of the interaction depends upon the relationship between the board and its key management, but also the incisiveness and relevance of the boards questioning of the key management particularly important during board meetings. The board mentor can assist in improving the quality of the board`s interaction.
The board is leading the organisation`s direction and is responsible to ensure that the senior management is implementing the board strategy and policies. It is also important that the board takes a leadership position in delivering its responsibilities.
The board will have reserved powers but also will reserve certain opportunities to address staff, the shareholders, and other stakeholders, and the media. A board mentor can assist the board to define these areas and consider how best to position the board, leadership perspective.
The board should ensure that all external relationships to the organisation are properly managed. The board itself may keep some of these key relationships or share them with senior management. However the majority of external relationships will occur at various levels throughout the organisation and it is important that these relationships are governed by the policies and procedures of the organisation. These relationships will be critical for the business to operate in its environment.
However the conduct of the staff in these relationships must be carefully managed. The conduct of the staff for example must comply the code of conduct and controls put in place to ensure that this is happening. The depth of these relationships cannot be understated and underpins good business. Usually strong relationships smooth the way for the business. Our board mentors understand these relationships and can consider whether or not the relationships are as strong as required or in fact too close for comfort in the organisation. The board mentor can help assess these relationships.
The subcommittees of the board are fundamental to an efficient board. These committees will cover such things as audit, finance, remuneration, succession etc. Each committee needs to have it`s charter so that it can carry out its functions and the performance of each committee needs to be reviewed and its composition needs to be appropriate to each committee. A board mentor can help review the committees in terms of charter, composition and performance.
For the long-term survival and development of the business the board should consider developing future leadership, which will be essential. This will include succession plans and target organisational structures to deliver strategic plans for the future. The board mentor can help review this area.
We can provide individual director programs for directors or senior management, as part of the board development programs which can be discussed confidentially with us directly here at International Business Mentors.
If you are a Company Director or Chairman and would like to discuss further then contact us.