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Focusing board attention on management
My good friend, Jim DeLoach had two pieces published in January.
Both are full of good ideas and suggestions for boards, well worth reading.
· Briefing The Board On Technology Matters
I differ from Jim and other advisors to boards on one paramount point.
Rather than trying to make sure themselves that everything is right, the board should focus its limited time on gaining comfort that it has the right management team in place, a team capable of getting things right.
The board only meets to discuss a limited number of topics a limited number of times each year. They cannot hope to run the company in a few board meetings, assessing new technologies or financial reporting.
Instead, they need to ask the questions that will help them assess whether they have reasonable assurance that management is making intelligent and informed decisions on matters like these – every day.
So, I think it’s better for the board to ask questions such as:
- Are you, CEO, comfortable with the ability of the management team to identify, assess, select, and implement the new technologies that will advance the company? If so, why?
- Are you, CEO, assured that intelligent and informed decisions are being…