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Board Effectiveness September 2016
Courage in the boardroom: winning in uncertain times
Australia’s most senior non-executive Directors and Board members provide their insights and practical advice on managing through, and embracing, uncertain times, and creating the most effective boards to enable this.
Courage in the boardroom: Winning in uncertain times presents the seven key themes that emerged through a a series of workshops with some of Australia’s most senior and experienced non-executive Directors. As well as their insights and practical advice on managing through, and ultimately embracing, uncertain times.
1. Bold decisive leadership
Clarity of purpose, strong strategic frameworks and effective decision making will cut through the noise. Crucial areas where the right decisions will deliver results include shaping a board, interpreting ever increasing volumes of data and connecting the organisation to its stakeholders.
2. Opportunity mindset
It’s difficult for board members to carve out the time to be strategic and forward-looking in the face of increasingly higher compliance, risk management and governance demands. Taking the time to do this is crucial for creating the space to innovate and generate opportunity.
3. Ecosystems are crucial
Understanding ecosystems – and looking beyond the border of the organisation – is critical for the Board in driving conduct and building trust.
4. Match fit
To capitalise on opportunity and emerge a winner from uncertainty, an organisation needs to be aggressively fit, agile and responsive, and Boards meed to look closely at whether business models, systems and processes are fit for this purpose.
5. Culture, culture, culture
Having the right people with the right mindset is as important as having the right systems and processes in place. Boards have a role to play in shaping a common understanding of vision and purpose, the acceptance of failure and ‘doing the right thing’.
6. Cracking the diversity code
Cracking increasingly complex problems requires diversity of thought and experience, but a true understanding of genuine diversity can be a challenge. Creating truly diverse thinking at a functional as well as cultural level is critical, as is bringing the voice of the customer back into the boardroom.
7. Curiosity is key
Boards aren’t expected to have all the answers to today’s challenges, but complacency can be a killer. Directors have a responsibility to change old habits and widen learnings and perspectives from other industries as well as globally.
Read more about these themes, and practical advice and guidance from some of Australia’s leading non-executive Directors and board members in our Board Effectiveness report.