Have you thought about who your directors are and what they each contribute to the management and success of your company?
The mix of skills and experience of a company’s directors is a hot topic.
Lord Davies has completed a government-commissioned report which argued that by 2015 at least 25% of the directors of a leading company should be female. The Prime Minister has written to the Chief Executives of the UK’s FTSE 100 companies demanding that those companies publish plans setting out how they will boost the number of women in their boardrooms.
The real focus should be on what skills and experience the directors of a company have, how they can work together as a team to maximise the performance and success of their company.
A successful board will have a mix of skills, experience and personalities amongst its members – with ambition being countered by caution, with broad vision being countered by analytical thinking and with directors having specific skills and responsibilities addressing management, finance, production and sales.
A non-executive director or consultant can provide assistance, constructive challenge and encouragement to a board. Have you considered whether a non-executive director or a consultant might provide a missing spark to the team?
When did you last reflect on your board’s membership and performance and on how that performance could be improved? Do you have the right team in place?