d. Chief executive officer. Get feedback from your employees. Launch small-scale pilots for the change. c. reputation for being a follower If a researcher is studying the characteristics of individuals who become leaders, he or she would What is evident from our research is that no one size fits all and that the leadership structure is somewhat dependent on the individuals in the roles. 0000005460 00000 n c. a fiduciary duty particularly be interested in ______________. Practically, this iterative process can be done in three simple steps. The correct answer is: Top b. mission statement analysis Select one: An independent director is one who: Feedback Self-awareness and/or the ability to gather reliable input from board members is critical for the CEO to be able to determine whether to assume or give up the chair role. Prepare the Organization for Change. Feedback They can show boards they are interested in dialogue by the manner in which they respond to input and feedback, as well as how they give feedback to the board, both collectively and to individual board members. Provides Clarity. Background: The Veterans Health Administration (VA) Grant and Per Diem case management "aftercare" program provides 6 months of case management for homeless-experienced veterans (HEVs) undergoing housing transitions. Boards and C-suites alike have an opportunity to recalibrate their risk framework to focus on a longer-term . They can even encourage the board to develop strategic options that differ from the CEOs ownand give the board enough information, as well as sufficient time and space, to do so. Is the CEO already the board chair, or is the CEO attempting to become the chair? Generally, it should involve as appropriate: those who will be implementing the plan (e.g. Studies of the factors that contribute to organizational performance have shown _____________ The correct answer is: the internal environment d. Intervening board. The third and final step entails the CEO presenting the desired strategy choice to the board. Not answered Strategy as planning: In this perspective, strategy serves to establish the organisational vision/mission/values and purpose. Indeed, several interviewees highlighted the common predicament of boards going stale with regard to the needs of the company, not least because of the difficulty in getting people off boards. There is sometimes a lack of refreshment, which leads directors to feel that their service is a lifetime appointment and results in a board full of people who are smart, but have finance experience from the 60s., While it is the nominating/governance committees responsibility to recruit board members, CEOs should not be shy about proactively and strongly signaling what specific capabilities are required of a board that is truly qualified to weigh in on matters of current and future strategy. endstream endobj 36 0 obj<> endobj 37 0 obj<> endobj 38 0 obj<>/Font<>/ProcSet[/PDF/Text]/ExtGState<>>> endobj 39 0 obj<> endobj 40 0 obj<> endobj 41 0 obj<> endobj 42 0 obj<> endobj 43 0 obj<> endobj 44 0 obj<> endobj 45 0 obj<> endobj 46 0 obj<> endobj 47 0 obj<>stream Question 4 Question 38 Vision and problem solving skills. Question text d. marketing concept 0000008064 00000 n Question text Select one: Its not that we weren't looking for great people before, but now we look for people with specific skill sets that will help the CEO and [make the board a] strategic asset to the CEO.. Note, the CEO isnt asking for ratification of a particular approach, but rather seeking advice and feedback on the potential solutions which resonate more, what concerns remain outstanding, how possibilities could be modified, etc. 2023. Composition-complacency can inevitably lead to a board losing its strategic mojo. Question 16 Certain services may not be available to attest clients under the rules and regulations of public accounting. Feedback Question 10 Not answered d. Did not attend a school supported by the company d. leader emergence This study analyzes board leadership from a team production perspective as an antecedent to board strategy involvement in small firms. Select one: 0000003247 00000 n a. pragmatic b. charismatic c. inspirational d. transformational and more. The correct answer is: Ones ability to be flexible and think strategically. Question text xc```b`` @1Vm00l`b@Ly0U@8 H80H~)m',Ut%RGNCe`H320,|'1]U If the board is less engaged, the CEO may have more influence to increase the boards engagement by playing a dual role. This 2-day Board Strategy & Risk Management Programme is a core module designed to explore the role of the Board in strategy setting and implementation in order to meet its goals whilst responding to changes in its environment. Question text The founder and former leader of New York's Deloitte Greenhouse Experience, he has designed and facilitated hundreds of immersive lab experiences for CEOs and their leadership teams where he combined principles of business strategy with behavioral science and design thinking to address clients challenges. Question text Delegate the Work Feedback That is less bad but renders the board largely useless in strategy. Best practices for policies, regulations, and board management. d. Organizational Some firms may have a (formal or informal) dual board arrangement, with an operations board and a separate advisory board addressing more strategic issues or representing wider family interests. Marked out of 1. Access more than 40 courses trusted by Fortune 500 companies. 0000029362 00000 n a. Communication is a vital component of good corporate governance. Feedback a. a duty to keep proper accounting records Not answered For a competitive firm, if any level of production results in losses, the loss-minimizing output level is when: A. marginal product equals marginal cost B. marginal revenue equals marginal cost C. In the past, the community relations function was deemed a(n) ________ between the organization and its immediate community. CEOs who want their boards to be more strategic should understand that tension can be leveraged for the greater good. Q:@,qE : ~I}PTo`DW6'a+JSrh/P|%=8?h0UJB_htI'e('zF%)rpD$u*d]@hEvjx$ r6#>$YHxa4:) 3CT=-W7oTPgM6%*+m '4Ky).3r- thUi24.fbX :N.}%|Z4'|8> dx.&N'd)r5MC=\uI#%{4RNhVf>MoM),02Y87f[aMG8=&AZs;68%[ rk Not answered, Select one: endstream endobj 223 0 obj <>stream As he said, Our recruiting methods have changed dramatically to become a more thoughtful strategic process. Rely on metrics. 35 0 obj <> endobj Operating board. b. missions Management's implementation of board strategies and the board serving as the key decision maker are best associated with: a. Certifying board.b. Question 32 &-C0Npby{62uU6 The board would discuss these issues for 45 minutes and change nothing, make no decision other than the management team should continue on its path. Question 12 Vincent is a managing director with Deloitte Consulting LLP in the US Strategy service line, Monitor Deloitte. Source: Colin B. Carter and Jay W. Lorsch, 2004, Back to the drawing board, p. 194. Feedback Its just not that way.. Since their authority and power depend on the boards goodwill, why should CEOs increase their risk of losing that goodwill any more than necessary? To have Boards participate in the strategy process, and not merely approve a finished product. Question 29 This may seem unnatural to CEOs accustomed to taking a more reactive or passive stance toward the boards role in oversight, compliance, and the execution of its fiduciary duties. 10. Email a customized link that shows your highlighted text. How engaged is the board? j(! Tactics This doesnt necessarily mean interacting with the board or a board committee as a group. has been saved, Seven steps to a more strategic board d. be valuable to customers. d. competitive model. Realigned the support of 1,400 mobile devices. endstream endobj The strategy includes traceability for horses bred for the sport, a strong focus on safety and . a. Question text In her 29 years with Deloitte, she has also worked in Deloitte & Touche LLPs Audit and M&A practices. Not answered Board & Committee Meetings. It is important, when discussions grow heated, to accept and name the tension instead of avoiding it or, worse, allowing it to simmer and grow under the table. Marked out of 1. d. committing to scientific research The strategy comes to it fully baked and all it can say is either: "Yes, we agree" or "No, we don't." The latter is, plainly and simply, a no-confidence vote and leads directly to the same place. The right chairperson can be incredibly valuable for focusing on hotspots before they become hotspots. Where boards have over-dominant personality and culture issues, another director added, the source of the problem is usually a CEO/chair. business-- the investment-- are more than matched by the revenue produced in return? Not flaggedFlag question Select one: Select one: Select one: Board management software, like BoardPro, provides a collaborative online space for drawing up strategy plans where they can be challenged and tested. a. I tell my team to let me know, you dont have to do a dry run with me. Ideally, as staff and board engage in the process, they commit to measurable goals, approve priorities for implementation, and also make a plan to revisit the strategy on an ongoing basis as the internal and external environments change. The Policy Governance Model. Question 23 Not surprisingly, the most vehement complaints we heard from directors were about the seemingly impossible volume of information that board members are expected to digest. Active Scotland Development Group. It's very natural to start to speak to [only] one, two, or three people. d. Marketing brands, as well as the competitive environment, consumer trends, and other marketplace trends The chairperson of the board of directors and CEO should be leaders with: a. d. Legal counsel. To achieve this goal, they have had to focus on developing and implementing a strategy that focuses on ethical behavior, social value, innovation and . d. Unique market niche The correct answer is: Actively and favorably doing business with the company. b. b. a slow start at forming customer relationships and customer loyalty She is a subject matter resource to public and private company directors and committees on several governance, strategy, and risk-related topics, as well as on timely and emerging topics that pose challenges to companies. Select one: A strategic planning process identifies strategies that will best enable a nonprofit to advance its mission. Specifically, there is a widely shared belief that strategy formulation is fundamentally a management responsibility and that the role of the board should be confined to making sure that an appropriate strategic planning process is in place and the actual developmentand approvalof strategy is left to the . Ratification of management decisions and minimal liability defines which best practices board structure? Process development strategies seek to achieve a competitive advantage by _____________. Feedback One possible answer lies in the recognition that CEOs also have bosses: the boards who hire them, evaluate them, set their pay, and sometimes fire them. Prepare for the change with open communication. Nadler (2004). Cultivating a sustainable and prosperous future, Real-world client stories of purpose and impact, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. A strategic board would qualify simply as a nice to have were it not for the blistering pace of relentless disruptionno longer episodic and isolated, but continuous and ecosystemic. a. c. a basis to determine if the goals need to be changed, d. an idea of what trends and changes are occurring Audit trails and reports are also introduced to review and investigate actions and decisions made to trace and account for specific people. Our experience, and that of most of our interviewees, shows that when trust, respect, and support characterize the board culture, communication becomes more reciprocal, with everyone working to find the truth and uncover the unknowns. strategic involvement of boards in business strategies from the point of view of big retailer by comparing the actions taken by the board of directors that are highlighted in the Annual Report. | EY - Global Trending 8 transformative actions to take in 2023 16 Dec 2022 Consulting How can slowing climate change accelerate your financial performance? c. Passive board. About Highly experienced wealth management professional, specialising in delivery of strategic financial wellbeing and engagement initiatives. Question 25 b. S**)gR%ErdxSM0VZJdErL"ZnEbAS5XBWs S{t 5@#4&^Guq|3@6L5/4J-.&V9 8g WY. management implementation of board strategies and the board serving. To the full teams of both the Chief Executive Program and the Center for Board Effectiveness, thank you for making this collaboration possible. Use real-life examples. c. integrated marketing communications (IMC) Question 39 Given how crucial this strategic relationship is, how can CEOs engage the board and derive the most value from their focused attention? She has over 15 years of experience working with clients at the intersection of strategy, thought leadership, and executive development in the service of individual and organizational growth. Feedback c. Passive board. Underscore that 20 times, said one director, who further explained that it was critical for a chair to serve as a release valve for the tensions that may build between the board and the CEO. Instead of these extremes, the right approach is an iterative process in which the CEO is in charge, because it is the CEOs job to formulate strategy, but the CEO wisely gets the maximum amount of advice from the board assuming that the board has useful insights. Whether or not CEOs can count on their boards for strategic insight hinges in large part on having the right people on the board. What are the responsibilities of the corporate governance committee? d. certifying board 0000009192 00000 n a. a negative b. passive board They like to enforce the theme, We gotta let the CEO be the CEO. This sentiment was echoed by another director who said bluntly, Boards tend to be overly deferential to management. That deference, according to still another director, can become passivity, whereby boards defer to the CEOs judgment until its really not working., A third challenge is that boards may self-censor or otherwise fail to clearly communicate with the CEO, particularly if they anticipate a difficult conversation. What is a strategic design for how a company intends to profit from its strategies, work processes, Many, in fact, are looking for guidance and leadership from the CEO. The correct answer is: a basis to determine if the goals need to be changed These are often determined in combination with the CEO or general manager of the business. They can resist the urge to present only fully formed strategies, and instead mobilize the board around ideas that might still only be half-baked. It shows that the concept of ERM goes to the very heart of an organisation and that, if implemented in the way we recommend, taking a methodical approach to the management of uncertainty, it will affect the whole corporate strategy and act as a Not flaggedFlag question HBR Learnings online leadership training helps you hone your skills with courses like Strategy Planning and Execution. Weaknesses Question 22 The board should provide broad guidance to management on the overall direction of the organisation and its strategic priorities. For example, board members might not feel as adequately informed or educated on the issues as senior executives, and thus feel less qualified to opine on strategy. A key to achieving positive outcomes from tension, however, is to make sure that the tension remains constructive rather than destructive. The Departmental Board provides direction on strategy, performance and risk management. Align with global business strategy . consumer market from 10 percent to 15 percent in one year. What is wrong with this advertising a. competitive parity. Not answered Using this influence, CEOs can set the tone for the relationship between the board and management, establish the tenor of dialogue, set standards for communication, play a role in defining expectations for board composition and education, and more. c. It does not have a specific effect that can be measured. Management's implementation of board strategies and the board serving as the key decision maker are best associated with: Certifying board. Keep reading to learn how to use each of these board templates. To avoid this, just have a conversation about them at the start. determine the organizations competitive weapons. Lorsch (1995, January-February). The correct answer is: Board of directors. a. lead director objective and independent of management is the: Which of the following can be diversification classifications? The Board's Relationship with Management It's in the board's best interest to develop good working relationships with managers. 21. As a co-leader of Deloittes Chief Executive Program, Vincent supports the success of CEOs and business leaders throughout their career. One CEO shared his approach: I dont want board members here all the time, but if they want to come in, thats great! CEOs can start simply by communicating their wish for open and transparent dialogue to the board. Its important that no board member is left out of the information-sharing process. c. Chief executive officer. Prior to joining Deloitte, Vincent was a senior partner at Monitor Group where he co-led the global leadership & organization practice. d. a positive Strategic Management Page-179 Lesson-1: Strategy Implementation: The Basic Issues Learning Objectives: After studying this lesson, you should be able to: Understand the importance of strategy implementation vis--vis strategy formulation. Mid-level Course Hero is not sponsored or endorsed by any college or university. management implementation of board strategies and the board serving. While the individual who facilitates board meetings obviously plays a key role in managing tension, the mindset and posture of a CEO who clearly evinces comfort with discomfort, and even an appreciation of conflict, can be a subtle but powerful influence on the tenor of the conversation. It also enables the company to respond appropriately, coherently, and quickly to Actively balancing tension with the need to maintain mutual respect, trust, and support with the board may be a new role for many CEOs. Marked out of 1. Which analysis in the marketing planning process looks at the companys history, products, and Here are a few tips that could help: Get to know the members of the Board of Directors. 6. 0 Not flaggedFlag question Board of directors. Question 45 Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. 5 Steps in the Change Management Process. Not answered Most disconnects that I have witnessed developing between boards and CEOs are the product of the CEOs strategy attempting to address problems other than the ones that board thinks are most critical. a. Ones ability to be flexible and think strategically. Implementation, evaluation and control of a company's strategic plan is essential to operating a successful business. How as a director do you effectively navigate through that? Core competencies d. One who has answers for all situations? b. time pressures involved in serving the customer tE}+mPE:n^mRD3y[* !W3!Lt`IdJ!^;L|tg/sx>I(2'0 6 One thing to make sure of is that we don't fall into a routine and cadence that takes away from the need to look into the future. Consider ways to change it up as an antidote to complacency., Perhaps most importantly, many CEOs touted the value of asking explicitly for feedback, through the lead director or chair if necessary, after every session: Whats working? It is an objective more appropriate for a marketing plan. Market-penetration, product-development, and market-development strategies would all be Not flaggedFlag question A friend who serves on a number of consequential public company boards came to my office not long ago to ask my opinion on something that had become a contentious issue across his boards. Departmental Board. 3. Accessible Vehicle and Equipment Scheme quarterly meeting group. Not answered Question text Question 3 The board is also responsible for monitoring the execution of the strategic plan. Today; What is a strategic disadvantage of being a first mover? In the former case, the board has not added a whit of value to the development of the strategy so it is largely useless on the most important matter in the entire company. But CEOs live in this bubble where everyone tells them how cute and perfect they are.. Moreover, a board can, should, and usually does have a strong role in implementing a company's strategy by, for example, reviewing and approving its implementation plans, signing off on large capital expenditures it calls for, and making connections through their networks to support it. At the same time, too much self-confidence without a corresponding amount of self-awareness can be just as great a barrier: CEOs who think they are Gods gift to the business world are not great listeners, grumbled one director. Board management software provides a secure and centralized repository where all organizational and compliance data are kept. Management's implementation of board strategies and the board serving as the key decision maker are best associated with: a. Certifying board. Is the CEO presenting the desired strategy choice to the board understand that tension can be in. 00000 n a. Communication is a vital component of good corporate governance committee Back. Deloitte University which of the factors that contribute to organizational performance have shown _____________ the correct is... Boards and C-suites alike have an opportunity to recalibrate their risk framework to on. The problem is usually a CEO/chair service line, Monitor Deloitte an objective more appropriate a... _____________ the correct answer is: Ones ability to be more strategic d.. Consumer market from 10 percent to 15 percent in one year of both the Chief Executive Program, Vincent a. Governance committee a group, Monitor Deloitte the third and final step entails the CEO the! 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