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5 Pillars of Effective Board Management
A well-designed board management strategy drives value across the board, allowing companies to thrive in times of innovation and complexity as well as in times of crisis. A clear mission, a solid engagement model , and efficient information practices are the main pillars of effective governance that we define as:
To ensure effective governance, boards need to select the right board leaders who conduct meetings efficiently and encourage constructive discussion and invest in development, training and feedback. These leaders must also keep trust among their colleagues in the form of CEOs, directors, and directors and other board members, and settle conflicts when they arise.
The board chairperson is an important mediator, as they can determine the tone of meetings and lead the resolution process when necessary. They should also be prepared to raise tough issues when the right time comes and be aware that these discussions will require greater examination than subjects that are easier to handle.
Tenure and term limits
The term limit for chairmanships on the board should be consistent with company bylaws. It is recommended to review it regularly to ensure there’s a diverse board that has different qualifications and backgrounds. Many bylaws specify a term of two or three years, but others don’t have a limit.
Retention of key talent
The best boards have key board members who are able to offer valuable skills, experience and connections to key stakeholders. They are open to new perspectives and draw on external experts when necessary. They also adapt quickly to changing priorities and changing conditions.