This session is part of the PowerTalk Series, themed "Positive Agenda: Leadership in Covid-Exit".
The business today is a continual change that faces constant threats – more so in current pandemic times where companies are seeking to turn massive complexities into meaningful change through effective strategies. Still, there are not enough debates in the corporate world about what strategy really means; and the development and execution of a corporate strategy is now seen to be a board’s most important function – a key source of differentiation between companies.
So why is this exercise often challenging in practice?
Over the last decade, many corporate boards have sought a more substantial role for directors in the strategy-setting process. Furthermore, directors are facing increased calls from other stakeholders, including management and investors, to be more deeply involved in setting strategy. Some argue that strategy is a CEO-only role; and, on the flip side, there is a great deal of confusion among boards as to what they should and should not do when it comes to participating in strategy-setting. As a result, many boards often find themselves acting as nothing less than a rubber stamp of the CEO, whilst others find themselves in conflict with the management when they take on a more active role.
Often in the course of such conversations, board directors discover that many difficulties in strategy deliberations stem from the lack of a common vocabulary. The fact is, some boards may be lacking the appropriate expertise to deal with strategy in the modern environment; they may also lack the capacity to master the variety of strategic approaches that are required today.
At this session, our diverse panel will examine and deliberate on the ‘enhanced’ role of directors in relation to strategy in 6 key areas:
- Defining the notion of strategy and what it means to you and the organisation
- Balancing and exploring the different possible roles boards might play – supervision, co-creation or support or a combined role
- Implementing stronger board dynamics that foster effective debates that will result in good decisions and actions
- Dedicating more time to strategy, looking at strategy work as an iterative process, not a big bang or one-off event
- Developing the right facilitation skills – keeping strategy discussions strategic and focused
- Leveraging on external perspectives and integrating ‘outside’ voices into the strategic process
The session will start off with a virtual board simulation, based on a board corporate strategy meeting. The panel speakers will be designated specific roles, and will contribute to the boardroom deliberation on a particular strategy agenda. After the simulation, the panel will discuss what went well and wrong, touch on some best practices, as well as tips and guidance in increasing the value of the board, where it can be an effective partner of the management to guide the company’s future direction.
Speakers
