You talked—and we listened! Last year, participants at the 2014 National Associate of Corporate Directors (NACD) Board Leadership Conference identified a list of the most uncomfortable topics for board directors. These key topics led to an article entitled Boardroom Black Holes and Taboos, an eye-opening collection of places that directors fear to tread. But is avoiding these topics really the best way to govern your board? http://www.conferenceboard.ca/e-library/abstract.aspx?did=7075 The operating context for boards and the companies they serve is increasingly complex. Highly effective boards can't allow themselves to ignore difficult topics, or let the status quo get in the way of effective governance. Directors must also have the grace and discretion to address some topics in a way that will not risk poisoning the dynamic and discussions at the board table. Join the article’s author Gary W. Patterson, as he summarizes the key findings and explores the areas where boards have the most difficulty. Gary explores the key black holes and taboos facing boards today, and provides suggestions for how directors can overcome some of the most challenging discussions. Attendees will receive tangible take-aways to help Chairs, Directors and senior executives that work with the board identify potential areas of concern, and how to best approach these areas so that your team is ready to tackle any issue, no matter how uncomfortable. Webinar Highlights In this 60 minute recorded webinar, Gary examines: •The original 20 black holes and taboos suggested by NACD participants, •Further analysis on the most prevalent issues, •The need to prioritize and address common issues raised, and •How this external process can support your boardroom desire for good governance impact and outcomes. http://www.conferenceboard.ca/e-library/abstract.aspx?did=7075 About Gary Gary W. Patterson, the FiscalDoctor®, helps find million-dollar blind spots: before they find you—to build sustainable profitable growth. He has worked with the Fortune 500 and methodically helped two companies reach the coveted INC 500 list. He was the global IT and supply chain re-engineering project head for HH Robertson (UK), selected a premiere site by JD Edwards. Gary is a Stanford MBA/KPMG Big 4 CPA; author of four books in the areas of business growth, strategy and risk; and recognized thought leader by “Financial Times” ExecSense presentations service. The original article is also available to download at http://www.fiscaldoctor.com/?p=1678

1. BOARDROOM BLACK HOLES AND TABOOS
The Conference Board of Canada

2. Create the Articles
Review Poll Results
Understand the Top 5 Issues
Target Opportunity or Risk
Execute tactics
Obtain extra resources
Answer questions

3. Checkup: identify pressing issues
Diagnosis: thorough review at
enterprise level
Treatment: implementation of
best practices
Wellness : maintain corporate
health

4. Results
Key Insights
Create opportunity or mitigate risk

5. Issues highlighted five main themes:
True customer and service profitability: 3, 11, 16, 19
Handle change: 8, 10, 12, 13
Overly optimistic financials & procedures: 4, 5, 6, 17
Opportunity Cost: 1, 2, 9, 14
Self Puffery: 7, 15, 18, 20
Create opportunity or mitigate risk discussion

6. Succession planning does not cover the top 3 levels of your people

7. Too much
reliance on
past success

8. We could benefit from more contributions from quieter and
more appropriate board voices on a given topic.

9. We don’t do enough benchmarking of our company against
other firms in our space or even outside our space.

10. One or more directors retiring in place.

11. Too much hedging rather than investing in “game changing”
initiatives.

12. What would you do differently if you thought you would lose your three
most strategic and operationally focused directors in the next six months?

13. Erring on politeness when actually speaking out is more appropriate.

14. Not enough focus on innovation

15. Incentive plans could be tweaked to encourage our best long-term
corporate interests versus this quarter or year’s results

16. Risk appetite could be better defined and mutually agreed for
management behavior

17. We are not sufficiently investing in training,
intellectual property and equipment

20. Reallocate resources and think bigger

21. We are not sufficiently focused on new products and services.

22. Need more timely, right and accurate information for
management and leadership.

23. Lack of clarity on our CSR initiatives and how they relate to our
broader corporate strategy.

24. We under-invest in director refreshers or updates.

25. Fail to consider the
distribution of pay
equity from CEO to
entry level worker.

26. Seek out and destroy 175 Pound gorillas.
Reallocate resources to grow the top line.
Create flexible capabilities up and down.
Encourage trusting culture that shares information.
Create the right, accurate, timely metrics.

27. JIT risk, IT and financial statements staffing levels.
It’s too hard to project and monitor cash.
Political cost is too high: ignore Million $ Blind Spots.
Gold watches still exist.
Outside expert support is a sign of weakness.

30. 1. Easy to change _______________by___________________.
2. Already been put off too long ________by _____________.
3. Game changer ________________by______________________.

31. EBook on 5 major common risks http://tinyurl.com/ykt7wzx
Downloadable eBook: Find Your Million Dollar Blind Spots: 7
Things You need to Know http://www.fiscaldoctor.com/?p=910
Book website is http://www.milliondollarblindspots.com/
Boardroom Black Holes and Taboos
http://www.fiscaldoctor.com/?p=1678
Guidestar Link: http://tinyurl.com/l2rf7we

32. Email: gary@FiscalDoctor.com
Phone: 678-319-4739
Website: www.FiscalDoctor.com
Twitter: ERMadvocate
LinkedIn: www.linkedin.com/in/garywpatterson
Facebook : https://www.facebook.com/pattersongaryw