Whether management decides to set the strategies or the board waits for management to establish it, the board needs to be aware of what its role is in strategic planning. This is because it will impact the overall performance of the board as well as how the company manages its resources.
This means that boards need to be able to define what strategy actually means and then decide if they would like to be co-creative, supervisory or supportive in their involvement. The board must be aware of the fact that the roles they play will change as the context changes. For instance the focus on customer satisfaction may not be the right choice in a crisis situation where safety of employees or the reputation of an organization are at risk.
The board should also be looking for opportunities to improve the strategic plan by asking questions that challenge the status quo. Here is where the board has an chance to make an impact and show its leadership abilities. It’s also important that the board consider the risks that come with the strategies that management is presenting and begin discussions about these issues.
It is helpful to have access to an application that allows the board and management to work in a secure manner during the strategic planning phase. This is where a great board portal such as BoardPro is a great option. This will allow boards to transcend the traditional ‘death of PowerPoint’ that occurs during board meetings, and help them develop more effective strategies.
boardmeetingsolution.org/good-governance-practices-and-rules-for-online-board-meetings