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Board Oversight in Age of Disruption
What are the most important steps Boards of Directors need to take to ensure proper oversight of strategy adaptation and alignment in the face of disruption?
75 months ago
4 answers
Make sure they have a good team of non-executive directors able to take a step back and make sure the strategy is still being followed.
75 months ago
You need Directors who not only understand the business and competitive landscape inside & out, but you also need to make sure you have talent across the organization of individuals capable of adapting to change. Thus, the need to formulate a talent acquisition/retention strategy based on hiring Top Performers who possess the specific characteristics of leadership, then find a place for them within your organization.
75 months ago
In general, BoD’s members expose themselves to personal liability if they commit malfeasance or fraud in acting on behalf of the corporation. As such, they need to be very diligent in their familiarity with everything represented by the corporate brand.
Regardless of the disruptive nature of the product or procedure, odds are there will be some wide-stepping consequences. BoD’s need to foresee those to best ensure all ancillary risks are fully mitigated and the outcome mimics the strategy intended.
Many often think being a BoD member is a cushy role with limited responsibility and a healthy paycheck for not doing much. For some, that may be the case. For most, it couldn’t be farther from reality.
75 months ago
It is also worth noting a BoD member must correct another’s mistake if he/she knows it to be material to an illegal matter or else he/she risks being held personally liable for the fraud.
75 months ago
