Nowhere is this more important than for rapidly emerging businesses (particularly ASX listed companies) where the connection required between Board and senior executives is absolutely pivotal to winning investor confidence and delivering on growth ambitions.
Leveraging the public and private board experience of our own directors, our Board Advisory services have been designed to guide Boards to help cope with rapid growth and ensure change is well managed and clearly communicated to ensure connection to the strategic drivers of the business.
Our Board Advisory services guide Boards with elements including rapid growth, core purpose and values, responsibility for culture, health of people and performance systems, board assessment and reviews and CEO performance reviews.
Whilst it is common knowledge that Boards are responsible for setting strategy and ensuring the senior executives are empowered to execute accordingly, a critical piece of successfully growing a business is setting and regularly reviewing culture from the top. It’s incumbent on the Board and senior management to ensure strategy is clearly set or reset (and sufficiently early in the growth cycle) to give businesses the best chance of attracting, aligning and retaining A-Grade talent to the team.
Regulators believe boards need to do more to safeguard organisation culture. The Australian Prudential Regulation Authority’s (APRA) report on the Commonwealth Bank last year – considered a governance landmark – implied that boards must dig deeper in their organisation to strengthen not only accountability and governance but also culture. Cultural surveys are a good start but more needs to be done.
We help boards and directors of growth companies become more effective in establishing organisational culture through clearly developing and capturing the essence of the business’s core purpose and values, in alignment with the overarching business strategy. This can either be done as a discrete exercise or as part of documenting the strategy on a page (SoaP) to articulate a clear strategic direction that is easily understood by all stakeholders.
Once captured, the Board must set a framework that ensures the core purpose and values are owned and embedded into the business by senior executives and team leaders. In other words, the values need to be lived not just acknowledged. Success on this front will help drive team alignment and help deliver high performance.
Many Boards may not have the background or visibility required to be able to fully assess the internal health of the company’s people and performance management systems. Our proprietary People and Performance Capability Assessment provides a high-level health check across 10 drivers of capability in this area, complemented by further analysis to provide meaningful insights to boards and senior executives.
As businesses grow requirements change in relation to both governance framework and Board composition. We are firm believers in the mantra “What got you here is not necessarily going to get you there” and we challenge growth companies to consider and assess what is required to achieve their growth ambitions – starting with the board.
We help companies consider and assess their current and future Board requirements in terms of composition, blend of skills, experience, diversity and the governance framework that wraps around the Board. Given the inherent challenges of self-assessment, we also offer an independent service to assist with the assessment of Board performance.
Boards will often lean on external assistance to provide some additional rigour around assessing the performance of a CEO or Managing Director. We have proprietary tools to assist with this process, including 360 degree feedback (where appropriate), to provide a robust performance assessment process.
Boards need rigour around the Director recruitment screening and selection process. Ideally, the competencies and capabilities of any new Director should arise from a Board assessment and review process (outlined above) that serves to highlight any deficiencies in required skills or diversity that the Board requires moving forward.
Based on our best-in-market executive recruitment process, we assist Boards with independent Director assessments to ensure companies get the quality outcomes that stakeholders are looking for.
To find out more about how your board can leverage the public and private board experience of our own directors, get in touch today.Get in touch