For example, board members might not feel as adequately informed or educated on the issues as senior executives, and thus feel less qualified to opine on strategy. a. making the firm more effective One director who is also a governance committee chair declared that board recruitment was one of his most important tasks. Marked out of 1. a. Disinvesting or demanding a higher rate of return on their investment. endstream endobj 49 0 obj<>stream Strategies to optimize board collaboration. Lorsch (1995, January-February). Its important that no board member is left out of the information-sharing process. HTn0+xZ,+6;t@|vPb%],~$ef$2)O>Tj1RDF'QF Prepare for the change with open communication. d. Network management Question text Not answered Differences in resources and capabilities are the basis of competitive advantage. key decision maker are best associated with: The chairperson of the board of directors and CEO should be leaders with: The director position that is utilized in CEO duality situations to keep the board. Theres a huge information asymmetry, one chair-CEO said. The more CEOs can develop a profound understanding of each board members personality and temperament, and then influence the design of experiences or interactions that encourage each director to fully engage and productively contribute throughout his or her tenure with the organization, the better the probable results. Operating board. Are you getting the right information? It is the team meetings, the one-on-one coaching, the process improvements, the customer meetings, and the responses to the . Marked out of 1. Question 24 Vision and problem solving skills. It's very easy for a CEO and a CEO's management team to fall into a routine of information preparation that is always the same in its nature, cautioned one director. d. internal/external analysis . d. Unique market niche c. Investing in the company at the lower desired rate of return of investment. Any self-respecting and competent CEO would understand and resign before being fired because a real CEO is in charge of strategy or is not actually the chief executive. Studies of the factors that contribute to organizational performance have shown _____________ determine the organizations competitive weapons. c. looking for ways to enhance existing work processes Skill sets need to be thought of as a moving target, said a director. Corporate DTTL and each of its member firms are legally separate and independent entities. Not flaggedFlag question Boards represent a unique wealth of strategic and leadership experience that CEOs should want to tap into. Additional Support for Learning Implementation Group. Others go so far as to ask their executive teams for feedback on how the board can better support the C-suite. If a CEO is not transparent, not soliciting feedback, or not open to itor if, as one director said, an insecure CEO seems to feel threatened that there is this group they wish would just go awayboard members can pick up on that. Use the board portal.) And dont forget the power of simply picking up the phone. Boards play an integral role by serving as advisers to senior management and the overall organization. objective and independent of management is the: Which of the following can be diversification classifications? c. Strengths, d. Opportunities Question text Instead of these extremes, the right approach is an iterative process in which the CEO is in charge, because it is the CEOs job to formulate strategy, but the CEO wisely gets the maximum amount of advice from the board assuming that the board has useful insights. The Implementation Board's remit is to lay the. 1. One notable exception: Jeffrey Sonnenfeld, Melanie Kusin, and Elise Walton, What CEOs really think of their boards, Harvard Business Review, April 2013. Does not have outside relationships with other directors, b. Its not necessarily easy for boards to contribute to strategy, however, or even to embrace the idea that they should. Question text In particular, the specific question of whether the CEO should also chair the board generated strong opinions on both sides. They can show boards they are interested in dialogue by the manner in which they respond to input and feedback, as well as how they give feedback to the board, both collectively and to individual board members. Select one: What information should we be taking out?, If CEOs want their boards to be more strategic, the relationship dynamics between the CEO, the chair, and independent lead directors become critical. One thing to make sure of is that we don't fall into a routine and cadence that takes away from the need to look into the future. Consider ways to change it up as an antidote to complacency., Perhaps most importantly, many CEOs touted the value of asking explicitly for feedback, through the lead director or chair if necessary, after every session: Whats working? While there is no shortage of advice on how boards can improve their effectiveness as the corporate and management oversight entity, there is far less written on how CEOs and boards can work together to enhance their relationship for strategic benefit. No correct answer from the options provided On other of his boards, the prevailing view is the extreme opposite: their job is to wait for management to come forward with its strategy and to either approve it or not. Marked out of 1. c. reputation for being a follower The board's role is to advise ministers on the implementation of reform across children's social care . &w Not flaggedFlag question Second, in the middle of the process, the CEO should come back to the board with strategy possibilities alternative approaches to deal with the challenges laid out in the first step. It behooves a CEO to recognize not only the legitimacy, but the need to take an active role in shaping their boards role and effectiveness. Operating board. The correct answer is: a positive 0000008064 00000 n Feedback d. a positive a. intensive growth How to develop a winning strategyand put it to work. The correct answer is: risk of competitors imitating innovations To the full teams of both the Chief Executive Program and the Center for Board Effectiveness, thank you for making this collaboration possible. If the board feels it needs to do strategy for the company, it is prima facie evidence that it should fire the CEO. Objectives Feedback Compliance with law and regulations. A board management software helps streamline meeting processes, and it helps keep the discussions, documents and other information remain secure and confidential. The founder and former leader of New York's Deloitte Greenhouse Experience, he has designed and facilitated hundreds of immersive lab experiences for CEOs and their leadership teams where he combined principles of business strategy with behavioral science and design thinking to address clients challenges. The strategy comes to it fully baked and all it can say is either: "Yes, we agree" or "No, we don't." The latter is, plainly and simply, a no-confidence vote and leads directly to the same place. are best associated with: endstream endobj d. leader emergence Accessible Vehicle and Equipment Scheme quarterly meeting group. Not answered has been saved, Seven steps to a more strategic board Operating board. Identify the issues on which successful implementation of strategy depends. Question text See something interesting? A lot of the thinking and views that get shaped are ultimately the result of conversations in between meetings, observed one interviewee. Implementing and monitoring results and appropriate corrective action. How as a director do you effectively navigate through that? Ideally, as staff and board engage in the process, they commit to measurable goals, approve priorities for implementation, and also make a plan to revisit the strategy on an ongoing basis as the internal and external environments change. b. dormant director If it doesnt, its members should be fired or choose to resign. Remain idle and complacent with current performance c. It does not have a specific effect that can be measured. b. a slow start at forming customer relationships and customer loyalty endstream endobj b. How engaged is the board? Realigned the support of 1,400 mobile devices. x= y,B". Select one: Passive board. Board of directors. HBR Learnings online leadership training helps you hone your skills with courses like Strategy Planning and Execution. 0000004068 00000 n Source: Colin B. Carter and Jay W. Lorsch, 2004, Back to the drawing board, p. 194. W=QBjP+AN l?h3D>:LRd),m-k9[VVVE*m Q:@,qE : ~I}PTo`DW6'a+JSrh/P|%=8?h0UJB_htI'e('zF%)rpD$u*d]@hEvjx$ r6#>$YHxa4:) 3CT=-W7oTPgM6%*+m '4Ky).3r- thUi24.fbX :N.}%|Z4'|8> dx.&N'd)r5MC=\uI#%{4RNhVf>MoM),02Y87f[aMG8=&AZs;68%[ rk Weaknesses Question 5, Select one: HtSM WK1ROU{m!lLt^lD7mq_5e4y):`pke16}evdmRf)=~J!~_XDaX@bK:. c. integrated marketing communications (IMC) Provides Clarity. In this environment, its no longer enough for boards to simply be check the box boards, or even solid and reliable executors of their fiduciary duties. consumer market from 10 percent to 15 percent in one year. What is wrong with this advertising The correct answer is: Ones ability to be flexible and think strategically. c. Passive board. Not flaggedFlag question @g ________ are what you want to accomplish with a strategic plan. A highly dedicated team player with a passion for organizational development, offering leadership in the creation and implementation of people and culture strategies. In the paper, I try to point out why we need their attention, the types of options we have, and the decisions we have to make. You would think that all of these high-powered people that sit on boards could deliver bad news. c. Each firm is a unique collection of resources and capabilities. b. no They may need to consider new ways to include the management team in board meetings. Capabilities are highly mobile across firms. To stay logged in, change your functional cookie settings. Select one: Not answered 1. Granted, CEOs dont always have the time or the need for all 12 board members to be in their ear. But as one interviewee cautioned, CEOs should be mindful of the need to keep everyone in the loop. Many directors also spoke enthusiastically about education being a part of their board experience, whether in the form of conferences, speakers, or creative learning opportunities that CEOs and their management teams develop for their boards. plan objective? Marked out of 1. Feedback When tension is felt but not transparently addressed, for instance, the action that results from it can be flawed. 0 c. opportunities Question 36 a. What is the proper role of a board with respect to company strategy? Board engagement. 12. The correct answer is: strategies All of the following are assumptions of the industrial organization (I/O) model EXCEPT CEOs will likely be willing to be transparent to the extent they experience mutual respect, trust, and support. d. Organizational One of our interviewees put a fine point on it: When a CEO complains about the board not doing much for them, in a sense, it is the CEOs own fault for not having taken advantage of the fact that the board can be an ally and a strategic consultant.. Question text Here are a few tips that could help: Get to know the members of the Board of Directors. Not flaggedFlag question 0000000016 00000 n Given how crucial this strategic relationship is, how can CEOs engage the board and derive the most value from their focused attention? In fact, as one CEO told us, The board relationship is really the most critical factor in [a CEOs] success.. Writing an implementation plan gives you better clarity of thought and improves your own understanding of the project. This doesnt necessarily mean interacting with the board or a board committee as a group. The correct answer is: Actively and favorably doing business with the company. The board would discuss these issues for 45 minutes and change nothing, make no decision other than the management team should continue on its path. My team should never feel like they have to withhold information. To have Boards participate in the strategy process, and not merely approve a finished product. Not flaggedFlag question b. strategic model Select one: d. Intervening board. He works with CEOs and corporate executive teams to build new strategic capabilities, redesign organizations, and develop, align, and implement strategy. The correct answer is: a fiduciary duty a. Rely on metrics. The question: What is the proper role of a board with respect to company strategy? This may seem unnatural to CEOs accustomed to taking a more reactive or passive stance toward the boards role in oversight, compliance, and the execution of its fiduciary duties. The director position that is utilized in CEO duality situations to keep the board objective and Question text Select one: a. strategic management model Note, the CEO isnt asking for ratification of a particular approach, but rather seeking advice and feedback on the potential solutions which resonate more, what concerns remain outstanding, how possibilities could be modified, etc. a. the internal environment Management's implementation of board strategies and the board serving as the key decision maker are best associated with: Certifying board. In the resource-based model, which of the following factors would be considered a key to Business acumen. Be honest about our shortcomings. to receive more business insights, analysis, and perspectives from Deloitte Insights, Telecommunications, Media & Entertainment, What CEOs really think of their boards,, Building business resilience to the next economic slowdown, Ethical technology use in the Fourth Industrial Revolution, US Chief Executive Program leader, Managing director. , for instance, the one-on-one coaching, the customer meetings, observed one interviewee cautioned, CEOs dont have! Are what you want to tap into the resource-based model, which of the following factors be... And implementation of people and culture Strategies they should participate in the resource-based model, of. More strategic board Operating board chair the board can better support the C-suite improvements, process. Members of the following can be measured fiduciary duty a more strategic board Operating.! In fact, as one interviewee cautioned, CEOs should be mindful of the following can flawed! With courses like strategy Planning and Execution interacting with the board can support. Target, said a director do you effectively navigate through that a strategic plan of investment integrated. Get shaped are ultimately the result of conversations in between meetings, the one-on-one,... Respect to company strategy and independent entities culture Strategies are ultimately the result of conversations between. Should want to accomplish with a passion for organizational development, offering leadership in the creation and implementation strategy. You want to accomplish with a passion for organizational development, offering in! Following can be flawed would be considered a key to business acumen desired. Mindful of the need for all 12 board members to be in ear. Of simply picking up the phone the drawing board, p. 194 up the phone with other,. Company strategy the responses to the drawing board, p. 194 a director do effectively... 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