The best-in-class board is heterogeneous, inquisitive, intelligent, effective, innovative and influential.
Now, we are slowly but steadily moving into the digital economy with an abundance of knowledge and continuous disruptions. Digital board directors play the critical role in overseeing strategies and monitoring business performance. There is room for both microscopes and telescopes in the boardroom, match the thinking and oversight processes to the purpose, and practice meticulous leadership at the board level.
The Meticulous oversight: More often, senior business leaders like board directors are telescopes over the majority of the time. They look outwards, and they are good at envisioning the big picture, seeing connections and synthesizing the whole from the parts. But they also could be a microscope when necessary, without losing the sight of a holistic business view. The BoD should institutionalize a robust governance model, to guide and govern the management's decisions and behaviors, pay more attention to significant details, but understand the fine line between governance and management. The directors would have to be able to quickly assess any numbers and facts they are given, against applicable benchmarks and detect relevant hints for further questioning or confirmation. The board must be comfortable that management is identifying and appropriately responding to risk, and that the board itself is apprised of the most significant risks facing the company. The board directors are the leaders of the leaders. Assess assessors before making an objective assessment of either people or issues. The board’s oversight about the workforce helps to make the invisible business forces more visible by hardening the soft cultures and fine-tuning them to unlock collective business potential.
Leadership is all about changes and directorship is about steering the business in the right direction. The best-in-class board is heterogeneous, inquisitive, intelligent, effective, innovative and influential. They continue to add the new blood for enforcing digital acumen in the boardroom, build creative tension between collegiality and challenge, and practice meticulous leadership via complementary mindsets, skills, and experiences.
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