Marked out of 1. Question 10 b. missions Feedback Market-penetration, product-development, and market-development strategies would all be d. goals Behind every successful CEO, theres usually a strong board. Marked out of 1. Not answered, Select one: d. Intervening board. 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The correct answer is: risk of competitors imitating innovations 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. In 2016, 2017, and 2018, Bujno was recognized by NACD Directorship Magazine as one of the top 100 influential professionals in corporate governance and in the boardroom. %PDF-1.5 % Participation on a board is too often thought about as merely a series of board meetings. a. operating board 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. a. Disinvesting or demanding a higher rate of return on their investment. d. Chief executive officer. What are the responsibilities of the corporate governance committee? 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. Question text Question 37 What is needed for the oversight function of audit committees to be effective? Is the CEO already the board chair, or is the CEO attempting to become the chair? Here are seven pieces of advice drawn from our research. Question 44 Consider that the typical board is composed of prominent, successful individuals, accustomed to having significant influence and to having people ready to assist them when needed. What is the proper role of a board with respect to company strategy? are best associated with: Vision and problem solving skills. 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. xref Rely on metrics. c. market situation analysis Leveraged in the right way, boards canand musttranscend their oversight role to be a tremendous strategic asset. Tactics a. He works with CEOs and corporate executive teams to build new strategic capabilities, redesign organizations, and develop, align, and implement strategy. b. Vincent is a managing director with Deloitte Consulting LLP in the US Strategy service line, Monitor Deloitte. 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. 6. 0000008690 00000 n In the former case, the board can happily and intelligently affirm a strategy that it intimately understands and to which it has meaningfully contributed. Not flaggedFlag question In the first step of strategic management, identifying the current strategies and goals provides Not flaggedFlag question 218 0 obj <> endobj d. Marketing c. leadership ability 0000006777 00000 n It can more easily make a great decision: either the CEO has taken the advice and come back with a better strategy still, or the CEO has failed to take the advice and come up with something uncompelling. Learn about the 4 key leadership roles of the Board and how to maximize the effectiveness of the governance system. In doing so, they should be thoughtful, intentional, and even adamant about what board behaviors and interactions they desire. Actively and favorably doing business with the company. 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. Not flaggedFlag question One of the most critical aspects of facilitating the board experience is the thoughtful curation and preparation of information. 3) Establish a policy based governance system. On some boards, the prevailing view is that strategy is their job. 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. At Deloitte, our purpose is to make an impact that matters by creating trust and confidence in a more equitable society. Use the board portal.) And dont forget the power of simply picking up the phone. The correct answer is: Business I tell my team to let me know, you dont have to do a dry run with me. Feedback Operating board. Marked out of 1. c. Each firm is a unique collection of resources and capabilities. In her 29 years with Deloitte, she has also worked in Deloitte & Touche LLPs Audit and M&A practices. Tension is a fact of life for boards. W=QBjP+AN l?h3D>:LRd),m-k9[VVVE*m Question 25 You would need a really strong lead [independent director] to counterbalance. Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. c. Top 3. _________ management sets the companys mission, objectives, broad strategies, and policies. Through engaging with boards and executive teams on strategy . This paper provides practical guidance for boards, senior leaders and risk managers in the development and implementation of organization-specific cybersecurity measures, with a focus on the identification, mitigation and management of risks. The director position that is utilized in CEO duality situations to keep the board objective and b. Some CEOs have even arranged off-site field trips and tours of external organizations (such as Google and Singularity University) for their boards, to powerful effect. Here are a few tips that could help: Get to know the members of the Board of Directors. Weak competition What is the CEOs personal effect on others? The Policy Governance Model. The correct answer is: Customer relationship management trailer Access Delivery Group. a. point-in-time analysis d. leader emergence Use real-life examples. If a researcher is studying the characteristics of individuals who become leaders, he or she would ;_D{BXn9du: 0000002073 00000 n Question 23 b. A board that is elected in a classified system is known as a: 13. Not answered The aims of the Strategic Management Board are: To ensure that the mechanisms and processes established for the production, maintenance and implementation of competence standard criteria, follow due process. d. Create sustainable and enduring corporate value I have holistic professional exposure with a proven track record of excellence and . One interviewee called the issue a red herring. It continues to bother me, he said, when people say you have to split the role. The correct answer is: be technologically innovative. They can also model how they want to communicate in the way they share both good and bad news (without hyping or downplaying), and in the way they ask questions and listen. c. reputation for being a follower b. no a. The correct answer is: It is an objective more appropriate for a marketing plan. Directors may feel the strategy needs to address the emergence of new competitors, the slowing of growth, technology disruption, or an increasingly bloated cost structure. Select one: Boards of integrity want far more than to be identified as aloof VIPs who meet from time to time to rubber-stamp managements decisions. Ineffective strategy oversight by the board can contribute to regulatory and compliance issues, shareholder distress, and potentially a gap between the board and management with regard to objectives and definitions of success for the organization. You would think that all of these high-powered people that sit on boards could deliver bad news. b. major business processes (e., order processing, general ledger, payroll, and production) within a Many directors emphasized that CEOs need to interact with board members between meetings. 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. 244 0 obj <<7f5d79293190543b64c64041c2251a88>]>>stream Question text Corporations run best when the board and senior management hold the same perspectives on strategy, priorities and risk management. This is what most of us know as the traditional approach to strategy. c. be without good substitutes. I think there are multiple ways to get to the same place. Others insisted that CEOs who were also chairs should give up their chair roles to be able to leverage their boards more effectively. Feedback Yet some of the best strategic answers can come from engaging in and mining fraught conversations. Select one: A board management software helps streamline meeting processes, and it helps keep the discussions, documents and other information remain secure and confidential. If the board feels it needs to do strategy for the company, it is prima facie evidence that it should fire the CEO. Not answered If a board that meets just a few days a year can do a better job of setting strategy than the CEO who is in the business 24/7, then the board has the wrong CEO. b. Dont be too quick to cut off conversation in the boardroom instead of letting it play out, one director we spoke with advised. First, at the start of the process, the CEO should seek the boards input on the challenges that the board thinks the strategy should address. Question 2 Select one: Marked out of 1. Boards represent a unique wealth of strategic and leadership experience that CEOs should want to tap into. DTTL and each of its member firms are legally separate and independent entities. 1 We set out to address this by conducting more than 50 conversations with Fortune 1,000 CEOs, board chairs, directors, academics, and external . Copy a customized link that shows your highlighted text. Question 15 Not flaggedFlag question &-C0Npby{62uU6 The correct answer is: a positive Second, in the middle of the process, the CEO should come back to the board with strategy possibilities alternative approaches to deal with the challenges laid out in the first step. What information should we be taking out?, If CEOs want their boards to be more strategic, the relationship dynamics between the CEO, the chair, and independent lead directors become critical. 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. HBR Learnings online leadership training helps you hone your skills with courses like Strategy Planning and Execution. She also serves as the governance liaison to several of Deloittes most significant and complex clients, and provides education to boards and audit committees. Delegate the Work endstream endobj b. All of the following are assumptions of the resource-based model EXCEPT The board of directors' most important function is to approve . Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, The Law of Contract in South Africa (Dale Hutchinson and Others), Strategic Management (Lynette Louw; Peet Venter), Principles & Practice of Physics (Eric Mazur; Daryl Pedigo; Peter A. Dourmashkin; Ronald J. Bieniek), Introduction to Business Management (Gawie S. Du Toit; Barney Erasmus; Johan Wilhelm Strydom), Civil Procedure: A Practical Guide (Stephen Pete), SILKE: South African Income Tax (M Stiglingh, AD Koekemoer, L van Heerden, JS Wilcocks, RD de Swart, P van der Zwan), Law of Persons and the Family (Amanda Barratt), Fundamentals of Business Management (McGraw Hill), Head First Design Patterns (Elisabeth Freeman), Applied Business Statistics (Trevor Wegner), Discovering Psychology (Cacioppo John T.; Freberg Laura), PROG TEST1 - programming 621 second year Process development strategies seek to achieve a competitive advantage by _____________. The correct answer is: Board of directors. Feedback Remain idle and complacent with current performance The structure of a public companys board of directors is established by its: 10. The correct answer is: leader emergence j(! c. concentric Time taken 1 min 24 secs 0000006110 00000 n One of the first steps for CEOs is to step up. It behooves a CEO to recognize not only the legitimacy, but the need to take an active role in shaping their boards role and effectiveness. Not answered BOARDCHANGE: If the board does not like strategy put forwar d by management then the board is empower ed to change the management. Manage Efficiently: From planning and meetings to policies and evaluations, board management software can help you keep your governance team running smoothly. The correct answer is: Actively and favorably doing business with the company. a. a. Not flaggedFlag question d. Network management A key challenge for CEOs is how. HTn0+xZ,+6;t@|vPb%],~$ef$2)O>Tj1RDF'QF Board management software provides a secure and centralized repository where all organizational and compliance data are kept. determine the organizations competitive weapons. Feedback 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 Not answered 1. As CEOs work with their boards to determine the most effective structure, below are questions that can help CEOs to determine the best path, given the specific circumstances of their board and environment: The current structure. d. The external environment is assumed to impose pressures and constraints that determine the F.cjB p>stream A technically minded banking and credit risk leader, with a broad experience of monitoring and optimising secured and unsecured credit risk strategies in both the UK and emerging markets (Africa). The most successful boards are able to combine strategic vision with effective group dynamics in order to make the best decisions possible. As one CEO shared, When I took over [as CEO], it was clear to me that the executive team wanted as little interaction with the board as possible. 0000005460 00000 n Question text management, staff, volunteers) those who will be affected (e.g. A CEO clearly in charge with a board helping to provide sage advice is the perfect combination for boards and strategy. 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