Governance is like a steering wheel, comprises six elements: culture, values, leadership, resource allocation, strategy, and controls.
Business management and governance are interdependent disciplines to keep businesses move towards the right direction with the proper speed. Governance is like a steering wheel, comprises six elements: culture, values, leadership, resource allocation, strategy, and controls. The first two are intangible but are reflected in the choice of leadership, approval of how resources are allocated, approval of what strategies are pursued to convert those resources into stakeholder value, and controls that foster conformance with culture, values, allocation of resources and strategy. The board as one of the most significant governance bodies, if you had to choose one and only one function of a corporate board of directors, what is the single most important function / role?
It is hard to only pick one function, doing all above effectively are important for successful business governance; from strategy oversight to governance structure & framework; from leadership grooming to talent/culture development, the board provides an “outside-in” view of the business and multi-dimensional lenses to oversee and advise business strategy and execution and steer business toward the right direction.