A solid board management strategy drives value across the board, allowing businesses to thrive in times of innovation and complexity as well as in times of crisis. A clear and strong mission, an effective engagement strategy and effective information practices are the foundations of effective governance which we define as:
Boards must choose the right leaders to lead meetings, facilitate constructive discussions, and invest time, training, and development in feedback. This will ensure efficient governance. They must also ensure confidence among their co-directors, CEOs, and directors, and resolve conflicts when they arise.
The chairperson of the board is an important mediator, because they establish the boardroomevent.com tone for meetings and lead the resolution process if needed. They should also be prepared to bring up difficult issues when the right time comes, recognizing that these conversations will require more thorough examination than topics that are less challenging.
The term limit and the tenure
The limit on the term of chairman positions on the board should be in line with the company’s bylaws. It is recommended to review it regularly to ensure there is a diverse board with different skills and backgrounds. Many bylaws specify 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 provide valuable skills, experience and connections to important stakeholders. They are open to bringing in fresh perspectives and drawing on external expertise when needed, and they are able to adapt quickly to changing conditions and priorities.