Board Performance in Private Companies by Carl Bates
Board performance in private companies by Carl Bates
Are you a privately held company with a board? Are you a family business with a board? Are you wondering whether or not your board is effective as it could be in the process of becoming high-performing? Have you ever actually sat back and considered whether your methodology or your approach to your board meetings is one that really drives value for your company? Do you have the number of meetings you have just because you have them? Or do you have the number of meetings you have because you’ve sat back and considered the number of board meetings versus the number of committee meetings? Do you spend a significant component of your time at board meetings dealing with operational issues instead of being forced to deal with strategic issues because of the composition of the board? And by that I mean the board is missing the type of insight and engagement you need to lift the conversation to a real strategic level.
These could all be quite challenging questions for you. And for many privately-held boards and family business boards that we see, that we are directly involved in challenging them about the way the run, about the way they consider their roles as directors, about the methodology they use, many of these questions are the questions we end up asking.
As a team we have been involved in evaluating the performance of hundreds of boards around the world, around what it means to be high-performing. To look at the elements of individual composition, individual performance, the board methodology, the board papers, the way the minutes are written , the way the board interacts, the way the meeting is held. To give value-adding feedback to the directors and to the executive team about how they can improve their overall board performance. About how they can make sure the board is adding value to the company, to the shareholders and to the wider stakeholders.
If you are interested as a privately-held or as a family business board to look at how you can interrogate your board’s performance, how you can get some value-adding feedback, an assessment if you like of your performance, please give us a call so we can support you to do what you do well through a high-performing and effective board of your privately held or family business.