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Jul 18, 2012 · Succession planning. Since the performance of a board is primarily judged on decisions made at meetings, effective boards are those that prepare for and run meetings well. The bulk of this article is therefore focused around meetings – before, during and after.
- Create an ethics committee of the board. Strategic compliance starts with the tone at the top. To avoid a diffusion of responsibility, the board of directors should designate a committee of nonexecutive directors with responsibility for the firm’s culture of integrity and for creating a robust program of controls and processes to promote ethical conduct and compliance.
- Appoint a high-ranking chief ethics and compliance officer (CECO) to take day-to-day operational responsibility for the company’s global ethics and compliance program.
- Establish and post online ethical and compliance standards and procedures to prevent, detect, and remedy illegal or unethical conduct. Well-crafted and company-specific mission statements and codes of conduct are critical to educating directors, officers, and employees about the company’s core values, standards, and procedures.
- Promote quality and safety with clear escalation policies. Ensuring product quality and workplace safety starts on the production floor and is defined by the leadership’s response to the problems brought to their attention.
Mar 27, 2019 · The research found that diversity doesn’t guarantee a better performing board and firm; rather, the culture of the board is what can affect how well diverse boards perform their duties...
- Create a Culture of Inclusion. The importance of board culture shouldn’t be overlooked by boards committed to making a difference. Highly effective boards have a culture of engagement built upon a commitment to inquiry—knowing that it is better to ask the hard questions within the structure of the board’s meetings than to publicly critique board decisions after the fact.
- Uphold Basic Fiduciary Principles. The legal expectations of the duties of care, loyalty, and obedience are the essentials of board responsibility. Board members should be aware of what each principle requires of them as individual trustees as well as part of the board as a whole, and how those principles relate to the hard work of serving on a governing body of a college or university.
- Cultivate a Healthy Relationship with the President. Today, we need boards and presidents to work actively to establish a strong working relationship—again, perhaps the most fundamental element of achieving a higher level of board performance.
- Select an Effective Board Chair. Board chairs are selected for a variety of reasons: stature, trust, leadership skills, external connections, length of service, gubernatorial influence, personal philanthropy, and others.
Nov 5, 2012 · The definition of board effectiveness has shifted dramatically over the past decade. In the aftermath of the global financial crisis and numerous corporate scandals, a director now confronts not...
Apr 22, 2021 · What does an effective board look like? We explain how self-evaluation can help you and the tools you can use to do it.
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Jun 7, 2009 · In explaining the role and position of the board in the process of organizational decision making, a behavioral theory of boards and corporate governance will focus on the political aspects of board behavior.
