A world-class board is distinguished by key attributes that drive strategic decision-making, excellent governance and long-term success. The importance of board governance in business cannot be understated; a successful board supports and challenges the management team to push the business towards a better future. Jo Haigh, Chairman and Founder of fds, has acted as Non-Exec Director and Chairman for over 40 companies, and so here she shares her top tips on how to build a world-class board.
Create a Diverse Boardroom
Who are the individuals who make up your boardroom? While the quality of people is important, it’s also about the quantity. For example, seven is a great number for a boardroom. As it is an odd number, decisions won’t end in a deadlock. It is also a small enough group where every voice and perspective matters. You also want the board to be comprised of an eclectic mix of gender, ethnicity and age. This is to gauge a wide range of perspectives based on differing experiences.
Implement a Board Agenda
Ensure an appropriate process is in place so board meetings stay on topic and do not lose focus on the subject at hand; this can be achieved by implementing a structured board agenda. The meetings should revolve around what decisions need to be made, how they will impact the strategy, and what the strategy goals actually are.
Appoint a Quality Chairman/Chair Person
Every boardroom requires a Chair who maintains a firm stance and does not tolerate any unprofessional behaviour. The Chair should also be a good listener and help facilitate making those all-important decisions. They’re the glue that holds the board together and ensures that actions are delivered by holding people accountable.
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