A strong board management strategy can create value across the board, allowing companies to thrive in times of change, complexity, and crises. Effective governance is anchored by a strong mission and clear engagement models and efficient information practices. We define this as:
Boards must choose the right directors to lead meetings, encourage constructive discussions, and invest time training, development, and in feedback. This will ensure efficient governance. These leaders must also maintain trust among their colleagues in the form of CEOs, directors, and directors and CEOs, and resolve conflicts as they arise.
The chairperson of the board is a crucial mediator because they set the tone for meetings and also lead the resolution process if needed. They should also be prepared to address difficult issues when the time is right and be aware that these discussions will require more in-depth scrutiny than less difficult topics.
Limits on term and tenure
The term limit for board chairman posts should be designed to be in line with the company’s bylaws and should be reviewed on a regular basis to ensure that the board is made up of a diverse group of people with a variety of skills and backgrounds. A majority of bylaws stipulate a term of 2 or 3 years, however some don’t have an upper limit.
Retention of key talent
The best boards retain the most important board members who offer valuable expertise, skills, and connections to key stakeholders. They are open to new perspectives and draw on outside expertise when needed. They can also be flexible to changing priorities and conditions.
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