A well-designed board management strategy drives value across the board, allowing businesses to thrive in times of change or complexity, as well as crises. Effective governance is anchored by a clear mission and clear engagement models and efficient information practices. We define this as:
Leadership
Boards must choose the right directors to lead meetings, encourage constructive discussion and invest time, training, and development in feedback. This will help ensure effective governance. These leaders must also keep the trust of their co-directors, CEOs, and directors, and resolve conflicts when they arise.
As mediator, the chairperson of the board can set the tone and direct the resolution process. They should be prepared to address difficult issues whenever the opportunity arises. This is because these discussions require more detailed examination than those that deal with less difficult topics.
Limits on term and tenure
The term limit for chairman positions on the board should be consistent with company bylaws. It must be reviewed regularly to ensure there’s an inclusive board with diverse abilities and backgrounds. A majority of bylaws stipulate a term of two or three years, however some don’t have an upper limit.
Retention of key talent
The best boards have key board members who can provide valuable expertise, skills and connections to the most important stakeholders. They are open to new perspectives and draw on external experts when necessary. They can also adapt quickly to changing priorities and conditions.
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