The main job of the board is to oversee the objectives of an organization and delegate the day-today operations to the executive team. However, many business owners struggle to understand how a governing body can be efficient when they are confident entrepreneurs and are determined to run their own show.
The number of requests for tips on board governance is rising, indicating that this subject is vital for business leaders of today. This could be due in part to recent scandals that have raised on accountability of corporations, or perhaps due to the fact that poor board governance can lead to disaster.
Boards must be independent in their decisions. This is one of the most important tips for good governance. This means that they should not consider any external interest that might impair their objectiveness regardless of personal beliefs or relationships with fellow directors. They should also be wary of favoritism and only give positions to family and friends when they are the most suitable for the job.
Another important point to digital transformation strategies in IT management remember is that a well-organized agenda is essential to the efficiency of any board meeting. It should be divided into informational, actionable, and strategic discussion categories. This will simplify the board’s discussions and save time, since fewer minutes are spent on topics that are not controversial. Similar to the suggestions of the committee smaller, non-controversial items should be put together into a schedule of consent to allow them to be approved by the simple majority vote.
