By Y. Argüden
Targeting the constitution, strategies, and behaviors for a board of administrators to make sure stable governance, this publication examines the behavioral features of governance akin to find out how to review and technique info supplied to the board, the way to seriously query with out de-motivating and the way to supply assistance with out interfering with administration.
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Additional info for Boardroom Secrets: Corporate Governance for Quality of Life
Nietzsche Groupthink is a type of thought exhibited by group members who try to minimize conflict and reach consensus. Unless specific brainstorming techniques are utilized, people are influenced by others, especially if a number of them are of the same opinion, and their ability to consider alternatives may be hampered. In particular, groups with strong directive leadership, groups which are homogeneous and cohesive, and groups which are insulated from outside information and experts tend to exhibit groupthink without critically testing, analyzing, and evaluating ideas.
CHAPTER 2 Right Team If everyone thinks the same, no one is thinking. Walter Lipmann DIVERSE PERSPECTIVES ON THE BOARD A well-functioning board needs to balance two sets of competencies: a shared ability to provide guidance and oversight and an individual ability to bring different experiences and perspectives to the table to provide diversity and challenge. Each member of a functioning board needs to consider each other member as a peer with respect to their seniority and experience in order to work as an effective team, but at the same time members need to be able to bring different perspectives and be willing to challenge the management and other board members, so as to avoid groupthink.
The board should focus on value creation for the company and act as a team, not as individuals. Great care should be taken to ensure that the team is formed properly from the outset. Corporate incentive systems should be set up so as to increase team performance. From this perspective, board remuneration should also be team-based. Sufficient time has to be invested up front to ensure agreement on a common vision. Also, having a comprehensive orientation program for board members to make sure that they understand the environment and the competencies of the company is very helpful in reaching agreement on a common vision.