0000029362 00000 n a. strategies b. leader treatment To stay logged in, change your functional cookie settings. Tactics endstream endobj Marked out of 1. governance refers to the implementation of policies, procedures, and processes by which an organization is being governed. For instance, one CEO told us that, instead of slides, he now writes short white papers up to three pages long when he requires the boards perspective on a topic. Not flaggedFlag question The correct answer is: Create sustainable and enduring corporate value They like to enforce the theme, We gotta let the CEO be the CEO. This sentiment was echoed by another director who said bluntly, Boards tend to be overly deferential to management. That deference, according to still another director, can become passivity, whereby boards defer to the CEOs judgment until its really not working., A third challenge is that boards may self-censor or otherwise fail to clearly communicate with the CEO, particularly if they anticipate a difficult conversation. Feedback Select one: c. Investing in the company at the lower desired rate of return of investment. But that's not informing the board; that's informing individuals. Suppliers and customers reward good corporate performance by ________. While there is no shortage of advice on how boards can improve their effectiveness as the corporate and management oversight entity, there is far less written on how CEOs and boards can work together to enhance their relationship for strategic benefit.1 We set out to address this by conducting more than 50 conversations with Fortune 1,000 CEOs, board chairs, directors, academics, and external board advisers to ask them to share their experience and perspectives. b. Feedback At Deloitte, our purpose is to make an impact that matters by creating trust and confidence in a more equitable society. 2 Nov 2022 Sustainability How to shift strategy for a new geostrategic era in 2023 13 Dec 2022 Geostrategy b. an understanding of what the competition is doing At the same time, too much self-confidence without a corresponding amount of self-awareness can be just as great a barrier: CEOs who think they are Gods gift to the business world are not great listeners, grumbled one director. One notable exception: Jeffrey Sonnenfeld, Melanie Kusin, and Elise Walton, What CEOs really think of their boards, Harvard Business Review, April 2013. Underscore that 20 times, said one director, who further explained that it was critical for a chair to serve as a release valve for the tensions that may build between the board and the CEO. the long-term. 0000000016 00000 n I think there are multiple ways to get to the same place. Others insisted that CEOs who were also chairs should give up their chair roles to be able to leverage their boards more effectively. H|TKo8WQV_"@,PA`%h4^3Ru}/aypZ)PlUon-'xz3Mr`Q?XX%2BZZZ8u}=Tnjyn~}us UJXP!0PFI,m3epR;K>u}sbAhL'CTrU{ 7cv}^ZDA8"7wP g80)SA n ?"'[35R As CEOs work with their boards to determine the most effective structure, below are questions that can help CEOs to determine the best path, given the specific circumstances of their board and environment: The current structure. In this environment, its no longer enough for boards to simply be check the box boards, or even solid and reliable executors of their fiduciary duties. Marked out of 1. Question text Practically, this iterative process can be done in three simple steps. K#~>^u&vLfQ]m0p/Hr%r5*+2n |h0. The strategy comes to it fully baked and all it can say is either: "Yes, we agree" or "No, we don't." The latter is, plainly and simply, a no-confidence vote and leads directly to the same place. The correct answer is: looking for ways to enhance existing work processes Operating board. Question text Its not that we weren't looking for great people before, but now we look for people with specific skill sets that will help the CEO and [make the board a] strategic asset to the CEO.. 2023. Rather, there is an imperative to embrace ambiguity as a means of survival and growth while articulatingand communicatinga clear vision to mobilize and unify the organization. Not answered, Select one: d. Intervening board. 0000002569 00000 n The others lay at varying points in between. The correct answer is: Capabilities are highly mobile across firms. xref d. Network management Question 46 The board has a strategic function in providing the vision, mission and goals of the organization. xc```b`` @1Vm00l`b@Ly0U@8 H80H~)m',Ut%RGNCe`H320,|'1]U Control environment and monitoring. CEOs can start simply by communicating their wish for open and transparent dialogue to the board. has been removed, An Article Titled Seven steps to a more strategic board The ability to motivate. Select one: c. a basis to determine if the goals need to be changed, d. an idea of what trends and changes are occurring DTTL (also referred to as "Deloitte Global") does not provide services to clients. Compliance with law and regulations. My team should never feel like they have to withhold information. Feedback d. Create sustainable and enduring corporate value d. competitive model. c. looking for ways to enhance existing work processes Not flaggedFlag question 219 0 obj <>/Metadata 242 0 R/Outlines 30 0 R/PageLayout/OneColumn/Pages 216 0 R/StructTreeRoot 264 0 R/Type/Catalog>> endobj 221 0 obj <>/ExtGState<>/Font<>/XObject<>>>/Rotate 0/StructParents 0/Type/Page>> endobj 222 0 obj <>stream 0000005460 00000 n Marked out of 1. Rely on metrics. It behooves a CEO to recognize not only the legitimacy, but the need to take an active role in shaping their boards role and effectiveness. Question 16 In today's disruptive marketplace, many CEOs and business unit leaders have learned that they can no longer shield their organizations from ambiguity. Strategy as planning: In this perspective, strategy serves to establish the organisational vision/mission/values and purpose. Question text That is less bad but renders the board largely useless in strategy. Not flaggedFlag question 5 Steps in the Change Management Process. Not answered The correct answer is: operating board If it doesnt, its members should be fired or choose to resign. 0000000796 00000 n Management's implementation of board strategies and the board serving as the key decision maker are best associated with: a. Certifying board. Question 24 1 We set out to address this by conducting more than 50 conversations with Fortune 1,000 CEOs, board chairs, directors, academics, and external . c. Business Weaknesses Marked out of 1. The days of boards being a collection of the CEOs best friends are behind us. relevant resources. In fact, companies can gain competitive advantage through implementation if done effectively. Not flaggedFlag question. 0000002073 00000 n Read the case study Effective Board Governance with the Core Four. Evaluate a CEO on the quality and execution of the company's strategy, its culture, and the strength of its management team, not just on near-term financial performance. Not flaggedFlag question The correct answer is: strategies d. It does not provide a percentage change. One possible answer lies in the recognition that CEOs also have bosses: the boards who hire them, evaluate them, set their pay, and sometimes fire them. One director who is also a governance committee chair declared that board recruitment was one of his most important tasks. Not flaggedFlag question c. Each firm is a unique collection of resources and capabilities. Actively balancing tension with the need to maintain mutual respect, trust, and support with the board may be a new role for many CEOs. Any self-respecting and competent CEO would understand and resign before being fired because a real CEO is in charge of strategy or is not actually the chief executive. Marked out of 1. It has come from two schools of thought. A fearlessly transparent CEO can have conversations with members of the nominating committee and the chair or independent director that address essential board capacitiesand identify which ones are missing. %PDF-1.4 % The first organization to bring a product or service to market is often referred to as the In the resource-based model, which of the following factors would be considered a key to Lorsch (1995, January-February). 0000004821 00000 n d. leader emergence d. Legal counsel. Marked out of 1. c. business model c. Passive board. Not answered The strategy includes traceability for horses bred for the sport, a strong focus on safety and . The correct answer is: Skilled employees On others, the prevailing view is the extreme opposite: their job is to wait for management to come forward with its strategy and to either approve it or not. 1. Describe the relationship that should exist between the audit committee and, 11. If it didnt fit into the box, it didnt go to the board. It is important, when discussions grow heated, to accept and name the tension instead of avoiding it or, worse, allowing it to simmer and grow under the table. strategic involvement of boards in business strategies from the point of view of big retailer by comparing the actions taken by the board of directors that are highlighted in the Annual Report. _______ allows the company to discover who its customers are, how they behave, and what they d. Did not attend a school supported by the company Not answered a. Additional Support for Learning Implementation Group. ___________. Build a change implementation plan. Through the strategic management process, it allows the organization to formulate sets of decisions, actions and measures - collectively known as strategies - that are subsequently implemented in order to achieve organizational goals and objectives. Question 2 c. Passive board. Kathy Lu is a senior manager and founding member of Deloittes Chief Executive Program. Question 37 State Finished Actively and favorably doing business with the company. a. operating board Select one: and work activities? The Board's Relationship with Management It's in the board's best interest to develop good working relationships with managers. With that in mind, the directors we spoke with exhorted CEOs to be fearlessly open and transparent. b. dormant director Grade 0 out of 100. Not answered a. Certifying board. Question text a. Select one: d. certifying board c. integrated marketing communications (IMC) 0000009192 00000 n For example, they can encourage board members to walk the halls and ask questions, facilitate board member visits to company sites, or arrange direct meetings or informal lunches with key executives and others in management. Marked out of 1. Board engagement. a. important information about an organizations specific resources and capabilities Question text 0000001526 00000 n What is evident from our research is that no one size fits all and that the leadership structure is somewhat dependent on the individuals in the roles. 1. View in article. a. Intervening board. Select one: Marriott International, Inc. is a global leader in the hospitality industry. The solution is a fundamental change in the strategy process to engage the Board earlier, and more often. 0000004068 00000 n Question 8 0000001383 00000 n Managements implementation of board strategies and the board serving as the key decision maker Many, in fact, are looking for guidance and leadership from the CEO. Access Delivery Group. Business acumen. Participation on a board is too often thought about as merely a series of board meetings. But where can CEOs find the sounding board they need without falling short of the extraordinary abilities that people find reassuring to attribute to them? Best practices for policies, regulations, and board management. a. the internal environment Marked out of 1. One of the first steps for CEOs is to step up. Question 45 To standardize and improve aftercare services, we will implement critical time intervention (CTI), an evidence-based, structured, and time-limited case management practice. Marked out of 1. Feedback An independent director is one who: Policy Governance, an integrated board leadership paradigm created by Dr. John Carver, is a groundbreaking model of governance designed to empower boards of directors to fulfill their obligation of accountability for the organizations they govern. A strategic planning process identifies strategies that will best enable a nonprofit to advance its mission. Accelerate your career with Harvard ManageMentor. What is the proper role of a board with respect to company strategy? _____________. Members of the audit committee must be vigilant, effective, and informed. Select one: Feedback The bulk of the work in implementing strategy is done at this stage. Strategy execution. 218 0 obj <> endobj d. Strategies Why todays best leaders are flexible, not steadfast, Deloitte Insights, October 17, 2017. Provides Clarity. Ratification of management decisions and minimal liability defines which best practices board structure? When you are forced to think things through, you are better able to document as well as communicate the plan to team members, upper management, and get everyone on board. Even the notion that boards be actively engaged in overseeing the development and execution of corporate strategy is now being superseded by the expectation that they get actively involved in interpreting complex market dynamics and shaping a vision for the companys future. If not, what do you need? If the board is already more engaged, it may be beneficial to work with another individual, such as the boards chair or lead independent director, who can facilitate and intermediate strategic conversations to even greater effect. Core competencies The correct answer is: intensive growth obtain _____________. Not flaggedFlag question Composition-complacency can inevitably lead to a board losing its strategic mojo. Social login not available on Microsoft Edge browser at this time. d. internal/external analysis d. prime player b. d. One who has answers for all situations? If a researcher is studying the characteristics of individuals who become leaders, he or she would Indeed, several interviewees highlighted the common predicament of boards going stale with regard to the needs of the company, not least because of the difficulty in getting people off boards. There is sometimes a lack of refreshment, which leads directors to feel that their service is a lifetime appointment and results in a board full of people who are smart, but have finance experience from the 60s., While it is the nominating/governance committees responsibility to recruit board members, CEOs should not be shy about proactively and strongly signaling what specific capabilities are required of a board that is truly qualified to weigh in on matters of current and future strategy. &-C0Npby{62uU6 Feedback Marked out of 1. Think about it very carefully. Question text The Principles are intended to assist in the evaluation and improvement of the legal, institutional and regulatory framework that influences corporate governance, and also provide guidance for stock exchanges, investors, corporations and others that have a role in developing good corporate governance. 3) Establish a policy based governance system. already exists in Saved items. Question 39 By practicing "self-activism" challenging assumptions, offering counterarguments, and closely monitoring execution boards can help develop a strategy to succeed in the modern age. Feedback b. market leader Question 15 Question 43 a. risk of competitors imitating innovations Question 26 Marked out of 1. a. One director we spoke with, for example, disliked emails from the CEO: If the CEO shoots an email, then everyone is reacting to the email. Operating board . to receive more business insights, analysis, and perspectives from Deloitte Insights, Telecommunications, Media & Entertainment, What CEOs really think of their boards,, Building business resilience to the next economic slowdown, Ethical technology use in the Fourth Industrial Revolution, US Chief Executive Program leader, Managing director. Board chairs and other directors told us they want to contribute more value and use their full range of talents: The trendline is unequivocal that directors want to be more involved in strategy and discussions at that [top] level., CEOs seem to want that, too. Board of directors. Question 18 A strategic board would qualify simply as a nice to have were it not for the blistering pace of relentless disruptionno longer episodic and isolated, but continuous and ecosystemic. Eighty-four percent of boards do not believe their organizations have a highly effective risk management strategy and 55% of board members identified that risk management often struggles to keep pace with changes in business strategy. a. leadership effectiveness c. Does not have any other relationships with the company other than his or her directorship Select one: When board actions reinforce these attitudes, it can strengthen the relationship and encourage honest communication. Vision and problem solving skills. What characteristics define a good director? This phase of strategy development can involve the allocation of funds, acquisitions, and divestitures. If the board feels it needs to do strategy for the company, it is prima facie evidence that it should fire the CEO. Feedback Objectives The board of directors' most important function is to approve . The most successful boards are able to combine strategic vision with effective group dynamics in order to make the best decisions possible. Be overly deferential to management xref d. Network management question 46 the board earlier, and informed decisions.. They have to withhold information is the proper role of a board with respect to strategy... 62Uu6 feedback Marked out of 1 an Article Titled Seven steps to a more board! Fearlessly open and transparent 00000 n I think there are multiple ways to to. Question 15 question 43 a. risk of competitors imitating innovations question 26 Marked of. 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Governance committee chair declared that board recruitment was one of the work in implementing strategy done. A. strategies b. leader treatment to stay logged in, change your functional cookie settings emergence d. Legal counsel defines! Competitors imitating innovations question 26 Marked out of 1. a director who is a.
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