Fiduciary, Strategic, And Interpretive Roles Of The Board
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Reminds a university's trustees about fiduciary basics and extends their attention to new strategic roles, with suggestions for action.
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Fiduciary, Strategic, And Interpretive Roles Of The Board
- 1. How You Make a Difference How You Make a Difference Northwestern Health Sciences University Board of Trustees November 7, 2009 Ellen‐Earle Chaffee, Ph.D. Association of Governing Boards of Universities and Colleges
- 2. Role of the Board Role of the Board
- 5. Fiduciary and Strategic Fiduciary and Strategic Ensure E • FIDUCIARY: Are we doing organization pp what we are supposed to fulfills its fulfills its mission do? Ensure organization’s • STRATEGIC: Will we exist organization s STRATEGIC: Will we exist long‐term and succeed “forever?” viability
- 6. Fiduciary Duty Fiduciary Duty Duty of CARE Duty of LOYALTY Duty of OBEDIENCE • Decide and act in good • Decide and act in the • Faithful to founding faith best interest of the documents • Prudent person level of organization, protect • Obey the law care and support and support Where does it say, “Focus on finances???”
- 7. …and once in awhile, maybe… …and once in awhile, maybe…
- 8. Strategic is Not Strategic is Not Where are THEY looking, much of the time?? Where are THEY looking, much of the time??
- 9. Strategic Topics Strategic Topics • Vision • Results • Strategy • Long term • Concepts p • Business plan p • Resources • Customer wants/needs • Future • Evidence • Expertise • Competition • Support • Quality • Readiness R di • Efficiency Effi i • Productivity • Brand, positioning
- 10. Strategic Questions Strategic Questions • What are we missing? What are we missing? • What would be the 5‐10 year impact? • How does this advance our strategy? d hi d ? • What are the key national trends? • Have you had a [comprehensive physical, ,g g pp y, ] y vacation, great learning opportunity, …] lately? • Is there anything on your mind that we can help you think through? help you think through?
- 11. Strategic Engagement at NW Strategic Engagement at NW • Academic Affairs Committee topics – Integrative curriculum, faculty development, research, metrics and progress • Finance Committee topics Finance Committee topics – Recruitment, retention, IT, capital/equipment needs, financing the strategy, metrics and progress • Development Committee topics Development Committee topics – Financing the strategy, alumni goals, partnerships, metrics and progress • C Committee on Trustees topics i T i – Balanced Scorecard development, becoming a strategy‐ focused university and board, metrics and progress
- 12. Board Staff Indiv. Communication Board‐Staff Indiv. Communication Board of Trustees B d fT University President Board Chair University Personnel
- 13. Governance Pyramid G P id FIDUCIARY, STRATEGIC, AND INTERPRETIVE
- 14. Integrated Systems Theory INTERPRETIVE Cultural, Social Systems C lt l S i l S t STRATEGIC Biological Systems Bi l i l S FIDUCIARY Mechanical Systems h i l Governance as Leadership: Reframing the Work of Non‐Profit Boards by Richard P. Chait, William P. Ryan, and Barbara E. Taylor, NY:: Wiley, 2004.
- 15. Integrative Health Care INTERPRETIVE Encourage, expect, explain, provide…. g , p , p ,p STRATEGIC Are we increasing VALUE for students/patients? Are we increasing VALUE for the university/clinic? FIDUCIARY Root Cause Analyses Electronic Patient Record El t i P ti t R d
- 16. Governance Pyramid INTERPRETIVE Learn, communicate , STRATEGIC Strategic thinking Balanced scorecard FIDUCIARY Policies, audits, consultants