Aspiring to Greatness?
Boards that aspire to greatness establish a culture of integrity, built on a strong ethical foundation and are rigorous in their endeavour to add value.
Create a healthy robust decision-making culture; one that creates a sense of loyalty among and between various stakeholders. Incorporating in their governance framework is a comprehensive and forward-looking risk oversight philosophy which includes developing a risk culture, an agreed appetite level for risk, maturity assessments as well as aligning risk, strategy and disclosure activities.
Board composition is built not only around size and diversity of talent but designed with the sustainable future of the organisation in mind. Succession planning is an agenda item and board with conduct director assessments regularly. Similarly they encourage board members to continually up-skill themselves.
Demand a view of the bigger picture, make sure they understand what is the real problem and avoid focussing on 'silo' solutions.
Look forward and rather than just responding to changing conditions, analyse what drives values, stress-test alternative strategies and allocate/reallocate resources accordingly.
Aspire to create a sound foundation by deliberating about their processes; for example, seeking to remove any bias from the decision-making processes.
Their directors are 'all over the numbers and data' carefully monitoring the financial situation and understand the potential ramifications of them an compliance is a non-negotiable item'
The Chair is chosen on his/her ability not popularity.
Work collaboratively with management to create direction and goals that are clear to all and that are measurable. Everything that occurs within the organisation is linked to the desired outcome.