By Jay A. Conger, Edward E. Lawler III, David Finegold
This striking paintings finds how forums governing 21st-century organisations can swap their practices and align their ideas to effectively govern the association of the recent economic climate. The authors suggest that judging a board's effectiveness may be performed now not in a ''shareholder'' context yet in a ''stakeholder'' context as a substitute. They sofa their reforms in a framework that specializes in what determines powerful governance habit: details, wisdom, strength, and rewards.They argue it truly is habit, no longer practices that count number, and examine forums from a bunch and an organizational point of view.
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Extra resources for Corporate Boards: New Strategies for Adding Value at the Top
Rewards have their own distinctive quality,as they clearly need to be present for any of the seven activities to be carried out effectively For this reason, we deal with rewards separately in ChapterSeven. Giving Strategic Direction andAdvice Information, knowledge, and opportunity are thecritical determinants of how effective a board can be in influencinga company’s strategic direction. In order tobe effective strategic partners, boards need a considerable amount of objective information and knowledge about the organization’s business environment.
Understandingof legal and social issues concerning the environmental impact of the company‘s operations. Functional Knowledge finance: Understanding of alternative sources of capital as well as acquisitions, mergers, and divestitures. Audit: Comprehension of financial statements and auditing procedures. 6 Corporate Boards more likely torequire the resource and service hnctions of the board than is a large public corporation owned predominantly by institutional shareholders,for which the legal and agency roles takeprecedence.
This is particularly true if the board feels that a strategy needs to be altered or abandoned. Insuch situations, a significant power struggle can take place with management. In extreme cases, problems in strategy implementation may require changes in the composition of the senior management group. This is what happened when Compaq Computerfired its CEO in 1999. Replacing members of senior management is a particularly critical issue from a power point of view. Often the greatest testof a board’s power occurs when the boardhas either to change the company strategy or to change the senior management team because of implementation problems.