The document outlines the key issues facing boardrooms, emphasizing the need for improved innovation, better resource allocation, and a reevaluation of corporate strategies. It identifies five main themes of concern, including profitability, change management, and self-assessment, while suggesting that organizations must overcome taboos related to communication and risk-taking. Additionally, the document points to the importance of timely information and training for directors, as well as the value of diverse perspectives in leadership.

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