Governance review

Plotting a new course to improved governance

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A holistic assessment of the different board aspects including governance practices, structures, processes and dynamics. The review is designed to diagnose board aspects that are in need of strengthening, aspects that require a complete overhaul, and makes recommendations for improvement.

Our Governance Review is strucutre in three phases

Phase A: Assessment

Engage board and key stakeholders gather data/information

This phase of the process is concerned with assessing the current state of the governance practices of company’s board of directors. We begin gathering relevant data/information by engaging members of the board and key stakeholders. We also review available company’s records of governance procedures, official reports and constituting/regulatory documents, but also strategic documents for the organization overall. A perusal of these documents will enable us to contextualize the data gathered through surveys and interviews and thus add a crucial analytical dimension to the study. This stage provides us with keen insights into the governance conditions at the company’; that is, an acute view of the breadth and depth of the governance challenges facing the board.

Phase B: Diagnosis

Identification of ineffective practices impact of current governance practices

In this stage we interpret and analyse the data/information gathered during the previous phase. The objective is to identify the causes and consequences of weak governance practices so as to set the appropriate steps to achieve governance excellence. Additionally, we assess the relative performance of the board in terms of sector best practices and governance best practices in general. Furthermore, we systematically approach the underlying causes of the shortcomings in governance and their impact in order to set priorities as to which practices will be targeted first. Prioritization will expedite the transformation of governance; it will be made based on the most commonly identified issues by board members and key stakeholders. Those issues are likely to be the governance practices that have the greatest impact on the performance of the company.

Phase C: Implementation & final report

Transformation process

In this phase we present the final report highlighting key findings and lessons learned, and emphasizing the necessary steps to materialize the transformation of governance practices. In addition, this stage sets optional (but necessary) paths to move further and to sustain governance excellence. The final report thus identifies specific board training needs; it presents comprehensive suggestions to meet these needs and to reinforce the constant improvement of governance.

Want more information?

Contact the IMD Global Board Center boardcenter@imd.org