26 Sep Boardroom Efficiency and Generative Governance
https://usboardroom.com/virtual-data-rooms-a-new-era-for-m-a-deals-in-the-global-business-world/
Efficiency of the boardroom is a major element in optimizing the performance of boards. It requires a clear and concise structure for meetings and constant communication. It also requires a central portal that allows directors to access their materials for meetings and discuss them online with colleagues in real-time. The achievement of these goals is a challenge, especially for boards that are a bit short on time due to short director terms and continual recruitment.
In an OnBoard Webinar Corporate advisors Max Franchitto & Tamara Barr discussed strategies to ensure high boardroom efficiency. They discussed how to improve engagement and encourage a broad range of perspectives and skills. They also discussed ways to optimize board processes and boost individual director performance.
Certain dynamics in the boardroom can be toxic to the ability of a board to practice an generative approach to governance. Lack of critical thinking and a desire to achieve consensus can result in ineffective discussions and a lack of groupthink, which can compromise the quality of decisions. The tendency to dismiss an idea without understanding its underlying principles can also cause mistrust and reduce the effectiveness of the board.
To avoid these issues, boards should be in constant communication with all directors, and provide them with a platform to express their views and opinions. Boards can accomplish this by encouraging informal and constructive director communications between meetings, providing directors with opportunities to discover common interests outside of the boardroom, and by incorporating “hang time” on meeting agendas so that newer members can be introduced to their peers.
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