In Focus: Strategy and the Board
Throughout May we have be sharing information about strategy and the board. Whilst the board itself is generally not the one to create the strategy (that’s the CEO and executive team’s domain), it is intended that they contribute their skills and experiences towards its development. After signing off on the organisation’s strategy, the board then has the task of monitoring its progress via regular monitoring of key performance indicators (KPIs), and ensuring that the strategy is still conducive to current business conditions.
The following is a selection of resources that we have shared over the past month that will give you more of an understanding of the relationship between the board and strategy.
PwC Canada interviewed Chris Clark, former CEO of PwC Canada and current corporate director with five public companies and two not-for-profit organisations, to explore his thoughts on how boards are getting involved in their organisation’s strategy and the role boards can play in ensuring a commitment to transparency and disclosure are considered in the strategic plan. Read more.
This article looks at the growing need for board involvement in corporate strategy, along with how often and how deeply they should discuss and alter strategy in conjunction with management. Greater accountability by the Board, increased transparency from management, and the requirement for better strategy development are also advocated. Read more.
Many corporate boards lack clarity about their role in strategy. A structured assessment of the board’s strategic responsibilities — and how these should evolve if the company’s competitive context shifts — can change that. Read more.
There are meaningful distinctions between strategy, implementation, and execution that are helpful to running a company or business in the real world. Ignoring, blurring, or getting them wrong creates sloppy thinking, deciding, and doing at all levels of an organisation. Read more.
Strategic business planning is a process of mapping out how a club or association can successfully achieve the goals of increasing membership, raising funds, attracting and retaining volunteers, developing coaches and officials, and maintaining good financial and governance management practices (+ they provide a downloadable sample strategic business plan). Read more.
This 10-step guide will take the board through the strategic planning process in detail. A worthwhile download and review prior to your next planning session. Read more.
Check out our Twitter and LinkedIn feeds for links to many more articles looking at strategy and the board. Be sure to subscribe to these channels to keep updated with information for new and aspiring company directors.