what are board members currently thinking
TRANSCRIPT
What Are Board Members Really Thinking?
Steve WeberNACD Governance Fellow and Board Advisory Service
May 15, 2015
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Portal Dream Team
Planning
What is Their Job?
• Oversight of risk and strategy!• The efficient and effective…• …so that their organization is successful - short and long term
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Portal Dream Team
Planning
What is NOT Their Job?
• Daily management of the company• Hiring/managing the CEO’s direct reports• “Supporter” OR “disrupter” of the CEO• Being a meeting/teleconference warrior• Being adept at speed-reading large volumes of data
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Portal Dream Team
Planning
What Do They Say About their Job?
• Private Companies:*• Time commitment is rising• Director turnover is increasing• 1/3 have formal CEO succession plan• Pressures from stakeholders
*2014-15 NACD Private Company Governance Survey
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Portal Dream Team
Planning
Public Companies*• Want to re-allocate risk oversight responsibilities• Time commitment is rising• Formal CEO succession plans increasing• Shareholder executive compensation concerns• Most use lead directors• Lack of satisfaction Board info on Cyber and IT
*2014-15 NACD Public Company Governance Survey
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Portal Dream Team
Planning
How Do They Feel About Technology?• Almost all feel it is a necessary investment!
• However….• Not knowledgeable• Not know what/how to ask questions• Not want to be embarrassed
• Many still believe “payroll system” story• Cyber-security trumps everything else!
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Portal Dream Team
Planning
So… How Can We Provide Value?
• Provide information that DIRECTLY answers the questions needed to do their job
• Use iPads/Portals to be Effective (not just efficient)
• Answer questions that arise with nearly every topic• “Good news or bad news?”• “Why or why not?”• “What do I need to worry about?”
• Or “How will this make us win in the marketplace?”
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Portal Dream Team
Planning
In Other Words…
Save them time getting to outcomes!!
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Portal Dream Team
Planning
What Makes This Hard?
• Each director is different in how they do (or even view) their job
• Often can’t articulate their questions
• Lack of day to day understanding of the business
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Portal Dream Team
Planning
Don’t Worry – There is Hope
• Need to efficiently engage between meetings
• Listen closely to what directors say, or not say• What do they repeat, or re-phrase?
• How do you know you are “there?”• “MAKES SENSE”
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Questions?
Thank YouSteveweb @att.net
317-902-2849 (cell or text)@steveweb9 (twitter)