The best boards are proactive and attuned to the company’s strategic direction and its industry. In “How Boards Can Stay Ahead: Strategic Governance in Six Practical Steps,” Latham partners Steven Stokdyk and Joel Trotter and associate Julia Thompson share simple, practical methods boards can use to become more strategically engaged and to increase their effectiveness.
- Do your research: Learn about the strategic issues affecting the company and its industry.
- Get in a routine: Every board agenda should include updates on strategic initiatives for the board’s review and discussion.
- Retreat to advance: Hold regular board retreats where strategy can dominate the agenda instead of regular board meeting topics.
- The long game: Continually assess how short-term results match long-term goals.
- Question assumptions: Ask how each significant initiative relates to strategy.
- All strategy, all the time: Focus on strategy constantly, not just at meetings.
For more information on why these six habits are so important to the success of a board and ideas on how to apply them, read the full article here.