Corporate governance training offers tangible benefits for board directors committed to playing a key role in guiding their company’s success. How exactly can board governance training help board members to make a better board? Here are some of the things you’ve got to gain from corporate governance training from top business management schools.
Is it simply a lucky coming together of competencies that makes a top performing board of directors? No. By exploring practical frameworks, corporate governance best practices and the most recent research on top performing boards, corporate governance training helps you identify your board’s route to success. This includes strategic appointment to leverage board member competencies, as well as effective structures and processes.
Corporate governance best practices are not always easily defined. Structured assessment through corporate governance training helps to determine the best practices suited to your organization. Governance training puts you in touch with the latest best practice research and offers evaluation of best practice boards. You develop broad-spectrum insights into best practices to understand how they improve coherence in business direction and strategy, drive corporate responsibility, and improve company accountability for stakeholder confidence.
There is much debate these days on the appropriate role of a board. A board of directors that demonstrates effective strategic involvement will carve out its own best role. Corporate governance training will shed light on board-specific strategies to mitigate risk and maximize opportunities. You’ll get the skills, tools and frameworks for action plans to address challenges and boost your board’s performance.
A board of directors is an unusual entity in that it is composed entirely of top leaders. Each one got to his or her position thanks to unique skills and leadership style. This could be a recipe for division - but within the framework of positive board culture, these strong personalities can leverage the group skill set to excellent advantage. Corporate governance training, especially if undertaken by the whole board at the same time, can help board chairpersons and members drive such positive board culture.
Internal and external opportunities and challenges mean that boards must sometimes manage change and/or implement new approaches to maintain success. Change management also includes preparation for change, in particular developing winning plans for succession. Corporate governance training can help your board develop the right strategies for change management and create advance plans for seamless change.