5 Pillars of Effective Board Management

A strong board management strategy creates value across the board, allowing companies to thrive in times of change and complexity as well as in times of crisis. Effective governance is supported by boardroomevent.com a strong mission and clear engagement models and effective information practices. We define this as:

Leadership

Boards must choose the right leaders to lead meetings, encourage constructive discussions and invest time, training, and development in feedback. This will ensure efficient governance. They must also ensure trust among their co-directors, CEOs, and directors and other board members, and settle conflicts when they arise.

The chairperson of the board is a crucial mediator as they determine the tone of meetings and also lead the resolution process when necessary. They must also be prepared to raise tough issues when the time is right, recognizing that these conversations will require greater scrutiny than less difficult topics.

Tenure and term limits

The duration of the chairmanship positions should be in line with the company’s bylaws, and should be reviewed on a regular basis to ensure that the board is comprised of a diverse group with diverse skills and backgrounds. A majority of bylaws stipulate a term of two or three years, but others don’t have an upper limit.

Retention of key talent and expertise

The best boards retain key board members who offer valuable expertise, skills, and connections to key stakeholders. They are open to bringing new perspectives and leveraging external expertise when needed, and they are able to quickly adapt to changing circumstances and priorities.