"A successful company is led by an effective and entrepreneurial Board, whose role is to promote the long-term sustainable success of the company...including ensuring an effective succession plan is maintained for the Board and senior management." UK Corporate Governance, FRC.
Ownership for sustainable success requires the Board to evidence that the complex jigsaw of the organisation’s purpose, values, strategy, culture, business model and investments are developing longer-term organisational and leadership capability - as well as optimising short-term performance.
Boards reviewing their effectiveness under the FRC, and other regulatory or sector, guidelines will want to demonstrate they are delivering significant value in areas being given new emphases. Whether subject to these guidelines or not great Boards are not satisfied with ticking the box - but the journey to “greatness” will require commitment from the Chair and Board members to change.
Odgers Berndtson offers Boards independent reviews and workshops designed to support them on this journey which we believe is iterative involving the following interventions:
Our reviews enable the Board to reflect on their governance, capability and agility. We triangulate their self-ratings with best practice, observation and objective data. Each of the workshops help Boards understand best practice, apply techniques and principles by working together on exercises, and to commit to changes in the boardroom
Our workshops encompass:
As the spotlight moves to the Nominations Committee to determine there is a pipeline of credible and relevant successors for the Board, CEO and for executive and critical roles, we are advising on, and validating the robustness of, succession plans and bringing an objective view on the mitigation of any risks.
If as Chair or Company Secretary you wish to explore the alignment of your Board with best practice, do not hesitate to get in touch.