boardmeetingsolution.org/the-value-of-hiring-an-experienced-company-secretary/
Board directors are often worried about how they can engage in strategic planning without micromanaging the CEO or stepping outside of their authority. The lengthy planning processes and three to five-year time horizons are being replaced by strategic frameworks that set out the priorities of the organization. Business plans that blend goals for programmatic and operational aspects with financial forecasts and annual plans with clear timelines and metrics are becoming more common.
Yet a board that is focused on its oversight duties needs to be involved in defining strategy, understanding the strategic activities that are taking place, knowing that there will be situations that require a lot of attention from the Board and creating a monitoring plan for the strategy. This article will discuss methods for accomplishing all of this while allowing the Board to participate in strategic discussions and contribute positively to these discussions.
Our post on facilitating an executive-level strategic planning session is among the most read articles on this site. This article addresses a crucial issue that arises repeatedly in this space: where the board should draw the line between managing strategy and running the company. This is a crucial discussion as when the Board believes that its job is to rubber-stamp every plan put forward to it, it’s at risk of becoming an ‘rubber stamp’ board. It is crucial to avoid this by having a direct conversation between the board and management about the strategic issues they consider to be the most important. This will allow the board to assist in framing the issues and management to be open to suggestions from the board that help refine and improve the problem-solving process.