The boards of many companies damage corporate prospects and miss opportunities. Professor Colin Coulson-Thomas, author of ‘Shaping Things to Come’ argues that boards need to think and act differently if they are to improve their own performance.
The boards of many companies damage corporate prospects and miss opportunities to benefit investors, customers and employees, according to a continuing investigation at the University of Lincoln. Speaking at the IOD Convention 2007, Professor Colin Coulson-Thomas, author of ‘Shaping Things to Come’ argues that boards need to think and act differently if they are to improve their own performance.
“Despite codes of governance best practice the boards of many companies still waste resources, cripple corporate potential and destroy shareholder wealth,” says Professor Coulson-Thomas, “They are looking over their shoulders at others, copying and playing catch up rather than shaping the future”.
The Professor warns than corporate governance considerations can lead to an excessive focus upon internal processes while external opportunities are overlooked. “Corporate performance depends primarily on what boards actually do and how their members behave rather than on formal governance considerations such as a board’s committee structure.”
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