As adequately underscored in my book, How to Get on The Board and Be a Fantastic Director, a good board chairperson sets the tone for the conduct of the board business by addressing two issues: (i) boardroom practices and conduct, (ii) boardroom tools and templates. (i) Boardroom practices and conduct of members There is no boardroom which is perfect. But some boards take the inefficiency to another level: suddenly an email pops up from the CEO announcing the upcoming meeting within two days. You find the agenda and board papers neatly stacked on the table as you take your sit.…
What are the special attributes of a good board member?
To assess one’s financial discipline, the central bank, requires anyone nominated on the board of a financial institution, to among others, submit their personal statement of financial position or a personal balance sheet in old speak. The fact is a person who is financially secure is more likely to add value to the organization than one who is not. Imagine a board member who is motivated to attend board meetings because of the allowance paid for attendance? Some profit-making organizations have clear board selection criteria and board member remuneration communicated. Board members on not-for-profits organizations, on the other hand, are…
Assess corporate governance maturity
The difference between an average medical doctor and an excellent one is the quality of diagnosis. Imagine feeling a persistent headache with breathing difficulties and deciding to go and see a doctor for proper treatment. You arrive at the hospital reception and immediately get ushered to meet the ‘specialist’ doctor. After exchanging pleasantries and explaining that you are suffering from breathing difficulties characterized by persistent headache, the doctors look at you directly and says “you are suffering from headache with breathing difficulties. Go and take say Headaches tablets for ten days.” You would become alarmed. Wouldn’t you? A real specialist…
Is your board empowering you?
The issue Majority of Board members add little impact on the organizations they serve. Even worse, they act counter-intuitive to their mandate. In the end, they add minimal, if any impact on the organizations. Many board members bring dysfunction as their practices make it difficult for executive management to do their work. The cause Few board members have clarity of their role and mandate of the board. My personal experience is that it is difficult for a board member to make an impact in any company if the majority board members lack adequate skills, training, and exposure on the role…
Board member effectiveness and reflection
The primary role of the board of directors is value addition. Every board member must take self-reflection and, ask “which value do I bring on this company’s board?” At the end of every board meeting, the board chair must always ask his board: which value did we add today? Did members just waste the time and money in sitting allowances or the meeting added value? Which value? Read: Is your board empowering you? Each board member must answer the following: Why do I deserve a sit on this table? What are your specific roles and responsibilities? If you are a…
#WayofTheGuerrilla: Why you need a marketing plan, part 4 of 7
Most of the time I have been with clients, apparently successful but when you actually go deep, understand their financials, you realize they are almost on the drip. Money isn’t on the bank account. Though things could be moving on, the sales are not growing. Cash collections are not happening. The company is in survival mode. As a leader, you must try to avoid such a scenario. The starting point is to set sales targets for all staff. Give everybody in the organization a target to sell. This reminds me of Nile Bank when I was starting my career. By…