Boards are our business

News and Views

An Effective Board – 5 Steps to Stronger Renewal

November 24, 2015

Posted in: WATSON Speaks

Teresa Budd addresses the role of the board, individual directors, in-house legal council and corporate secretaries at the Continuing Legal Education Society of British Columbia’s Corporate Governance 2015 forum.

Building on the statutory requirements outlined by co-presenter Gordon Chambers, Teresa explores how compliance isn’t a guarantee of effectiveness.  WATSON believes the fundamental difference between good governance and great governance begins by Governing with Intention™.  Building and sustaining an effective board is centred on the objective of designing the board you need rather than leaving it to chance. There is no one right approach to board renewal. A healthy approach involves two considerations: ensuring the board has the skills and expertise it needs to carry out its responsibilities and maintains a culture that promotes robust dialogue, strategic thinking and debate.

5 Steps to Build a Stronger Board
  1. Recruit – strength comes from diversity.  Define your needs and actively market your requirements to potential directors
  2. Orient – help new directors achieve maximum value in the boardroom through a thoughtful, comprehensive approach to orientation
  3. Educate – tailor education to the needs of the entire board, committees and individual directors
  4. Evaluate – provide boards with dedicated time to reflect on the functioning and effectiveness of the board and their peers
  5. Embed – policies and processes into your governance framework