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Infographic: Do You Have a High-Impact Board of Directors?
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Infographic: Do You Have a High-Impact Board of Directors?

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OpenView recently surveyed an array of expansion-stage CEOs and board members to find out what it takes to create a value-adding board. The results are presented in this board of directors …

OpenView recently surveyed an array of expansion-stage CEOs and board members to find out what it takes to create a value-adding board. The results are presented in this board of directors infographic, offering real insight into what makes high-performing boards tick.

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  • 1. Do YOU HAVE A HIGH-IMPACT ?BOARD OF DIRECTORS OpenView recently surveyed a wide array of expansion-stage CEOs and board members to find out how the best boards deliver value, what damage bad boards can cause, and how CEOs can ensure that their boards work together as a high-impact team.1Find out if you have a high-performance board and, if not, what it takes to create one.Does Your Board These are the top sixAdd Value by... answers, representing 97% of survey responses.2 Does Your Board These are the top three answers, representing Do Harm by Causing... 83% of survey responses.3 Recruiting top talent? The CEO’s departure or removal? Providing governance? Internal confusion? Connecting you to industry contacts? Reputational damage? Helping set and evaluate strategic goals? Yes? READ ON! Providing marketing and operational expertise? Solving problems/supporting your management team? If your board isn’t no? Read on! adding value, or worse, is causing harm, it may suffer fromWhat causes BAD BOARD DYNAMICS? bad board dynamics.HERE ARE 6 FACTORS TO CONSIDER: 1 2 3 4 5 6 Having A lack of Members A lack of A lack of Members the wrong commitment monopolizing/ accountability alignment are not members distracting with the prepared others companyWhat can you do to overcome bad board dynamics and help ensure your board succeeds? 4ACCORDING TO OUR SURVEY, THE TOP 4 SOLUTIONS ARE: 1 Ensuring board members have the right skillsets and experience 31% Here are 7 board member personas to consider: 1 THE CHAIRMAN OF THE BOARD 7 Typically the CEO or an independent board 2 member, this person must keep all board THE PERSONIFICATION THE HEAD OF THE AUDIT & COMPENSATION COMMITTEE members on the same page, run good board OF THE COMPANY’S meetings, and foster board cohesion. TARGET MARKET Has previous financial experience and An independent board member who can work with the CFO and board possesses a keen understanding members to ensure the financial of a business’s target market well-being of the business. and buyers. ULTIMATELY, aligning board candidates who possess diverse 6 qualities with your company’s greatest 3 THE YING needs is the key to building a board THE CEO TO YOUR YANG that will drive success. A company’s CEO is not just the Compliments and broadens the business’s internal leader, he or she CEO’s skills and encourages him must also be a critical board persona, or her to think outside the box. leading and managing the board’s involvement and engagement. 5 4 THE CEO THE EXIT STRATEGIST ADVISOR & MENTOR Usually an investor board member, A retired CEO who has guided a company this person can analyze the company’s through the expansion stage and can strategic direction and exit plan. provide the CEO with relevant insight, expertise, and feedback. 2 Creating Board Cohesion 23% HOW CAN YOU ENSURE THAT YOU HAVE BOARD COHESION? If your company fails to create  Assemble a diverse team that’s aligned around a shared set of goals and priorities strong board cohesion, the vocal minority will dominate, board  Establish a culture of mutual respect among board members meetings will become inefficient, and  Hold board members accountable the board will struggle to achieve to their commitments and actions anything meaningful.  Empower board members to share feedback and insight 3 Running Effective Board Meetings 18% 4 Establishing the Right Mix of Management, Independent, and Investor Board Members 17% Board meetings should be a fantastic opportunity to conduct a well-rounded, insightful retrospective of the While boards can vary by size depending on company’s performance over the prior quarter, and set a company’s stage, financing, and skill set gaps, the company’s mission, vision, and goals. expansion-stage companies should ideally have a five-seat board that consists of: According to our survey, the most important steps to running effective board meetings include:  anagement board members M (one seat occupied by the CEO) Ending meetings with a clear Distributing meeting consensus materials in advance  ure investor board members P 38% 9% (as few as possible) 2% Surveying board members in advance  utside board members O (three to four high-impact people 34% 16% who have high-impact personas) Engaging board Developing members a consistent individually meeting agenda Find out how you can create a successful board by downloading our FREE E-book,Learn More “Building a High-Impact Board of Directors: A Guide for Expansion Stage CEOs.”1 More than 80 expansion-stage CEOs and board members were surveyed in January 2013.2 The remaining 3 percent of respondents selected other options, including setting compensation and managing CEO transitions.3 The remaining 17 percent of respondents selected other options, including short-term focus, micromanaging, and infighting.4 The remaining 11 percent of respondents selected other options, including the time at which a board is created.

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