A best-in-class board is much more than a roster of prominent names.
Truly exemplary boards are well-balanced teams that harness the diverse experiences, skills and intellects of their directors to pursue the strategic objectives of the companies they serve.
Today, boards of directors are being examined as never before for their independence, integrity and effectiveness. But even in such intense scrutiny lies an opportunity for a lasting competitive advantage. The marketplace will reward corporations that meet the demand for integrity – corporations whose leaders have the imagination to envision their boards of directors as a unique strategic asset to both management and shareholders. These leaders will move themselves and their organizations ahead of the pack by recognizing that exceptional governance makes companies better.
A successful board governs its company by continually challenging every significant facet of its operations: its business model, strategies and underlying assumptions; its operating performance; and its leadership development. Far from being management’s rubber stamp, the best-in-class board fosters a culture of rigorous, relentless examination. It presses for continuous improvement, setting a tone for senior management that reverberates throughout the organization – to employees, to customers, to shareholders, and to the communities served by the company. There is no better way to achieve sustainable competitive advantage.
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