summary notes from #futureboards 2015
Post on 22-Jan-2018
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1. BOARD COMPOSITIONGeneral Comments• Concept of all knowing board/CEO may no longer exist
• Use advisers where needed
• Generalists add great value in dynamic environments
• Ability to rely upon each other’s skill sets (not excessively)
Diversity on boards:• General diversity - gender, age, skills etc.
• Domain constrained thinking – consider other industries or areas of study
• Open mindset – accept not knowing all the answers – ask the right questions
• Deal with ambiguity and uncertainty – continually learn and refresh strategy often
Future proofing boards• Board members who like to explore concepts
• Strategy cycle - set, monitor, analyse and refresh
• Continually challenge company’s position in 5 or 10 years
Board should include (but not be limited to):• Strong financial person to run Audit committee
• IT and technologically adept people
• Challenging futurists
Title: Some key points from #Futureboards presentation at QUT, Brisbane, Australia on 01/09/2015
Speakers: Patrick Grier, Monica Bradley, Brett Heading, Kirstin Ferguson. Speakers’ views may not be accurately reflected in these notes.
Notes prepared in good faith by: Fahim Khondaker. Twitter: @Fahim_Khondaker
“We are assuming the
companies of the future will
have boards”
2. BOARD FUNCTION/ROLEGeneral Comments• Focus discussions on “what matters”
• Facilitate and “allow” it to be rather than “tell” it to be
• Balance between a culture of open dissent and cohesion
• Trust and support CEO and Management.
• Bring the best out of CEO and each other.
Elements of a good board:• Always doing the best for the shareholder
• Board must add value (skills and to management)
• Involved in strategy setting and way forward
• Balance between board and management
Effective directors• Emotional Intelligence – ask situation dependent questions
• Intellectual Curiosity – desire to learn
Strategy setting• No wrong or right method
• Gap between theory and practice
• Typical to see CEO owning and running with strategy
• Boards need to value add – evaluate and endorse
• Refresh strategies often – align meeting agendas to strategy
Title: Some key points from #Futureboards presentation at QUT, Brisbane, Australia on 01/09/2015
Speakers: Patrick Grier, Monica Bradley, Brett Heading, Kirstin Ferguson. Speakers’ views may not be accurately reflected in these notes.
Notes prepared in good faith by: Fahim Khondaker. Twitter: @Fahim_Khondaker
“Digital and Technology are
enablers – not strategies in
themselves”
3. ASPIRING BOARD MEMBERSGeneral Comments• Referral through sponsor’s network is typical pathway
• Opportunities in start-up space
Considerations when selecting a board to join:• Chairperson’s character, capability and effectiveness
• Financial position of the company
• Corporate Governance
• Short term needs for capital raising
• Does it make a difference to the future/make the world a better place
• Phase of business cycle and willingness to adapt
• Personal interest in the industry of the company
“Innovation is more than science and technology –
it’s about making the complex simple”
Title: Some key points from #Futureboards presentation at QUT, Brisbane, Australia on 01/09/2015
Speakers: Patrick Grier, Monica Bradley, Brett Heading, Kirstin Ferguson. Speakers’ views may not be accurately reflected in these notes.
Notes prepared in good faith by: Fahim Khondaker. Twitter: @Fahim_Khondaker
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