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Integrated Board Management Dimension

In: New Corporate Governance

Author

Listed:
  • Martin Hilb

    (International Center for Corporate Governance)

Abstract

Based on studies of board practices carried out by doctoral students, the following weaknesses have been found in the majority of the companies assessed: 1. Insufficient board attention given to strategic direction 2. A lack of professionalism in the selection, feedback, remuneration and development of members of the board and top management and 3. Insufficient strategic control and risk management on the board level In order to address these weaknesses, we propose an integrated board management concept (illustrated in Fig. 4.1). This concept comprises three dimensions: 1. The strategic elements that are the focus of attention (as discussed in Chap. 3) remain: Exemplary board team Constructive, open board culture Effective board structure and Stakeholder‐oriented board success standards 2. The main processes of the integrated cycle concept presented in this chapter are: Selection and composition Review and feedback Remuneration and Development (including succession planning) 3. Using an evaluation methodology (described in Sect. 5.5) the success of board work is reviewed regularly. This concept fits in with the modified “KISS” principle, which forms the basis of Chaps. 3, 4 and 5 of this book: The most important board management instruments need to be aligned with the firm’s strategic objectives in a holistic way, and they need to involve all relevant share‐ and stakeholder groups in the phases of development, implementation and evaluation.

Suggested Citation

  • Martin Hilb, 2016. "Integrated Board Management Dimension," Management for Professionals, in: New Corporate Governance, edition 5, chapter 4, pages 79-115, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-662-49060-0_4
    DOI: 10.1007/978-3-662-49060-0_4
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