Boardroom Secrets: Corporate Governance for Quality of Life by Y. Argüden

By Y. Argüden

Targeting the constitution, procedures, and behaviors for a board of administrators to make sure reliable governance, this publication examines the behavioral points of governance comparable to how one can assessment and method details supplied to the board, how one can severely query with out de-motivating and the way to supply assistance with no interfering with administration.

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Extra resources for Boardroom Secrets: Corporate Governance for Quality of Life

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Because board decisions require complex evaluations in multiple dimensions, bringing different views to the table and having the opportunity to evaluate different perspectives provides an opportunity for better judgment. Therefore, the board members’ independence, impartiality, and self-confidence in challenging issues from different perspectives are critically valuable characteristics. Especially when there is a strong chairperson and/or CEO in the boardroom, the ability and propensity to challenge decisions requires a high degree of self-confidence, as well as the relevant experience to support it.

There are numerous qualities that may be sought in board members and particular steps in the process of identifying the individuals who possess them. However, if the members’ ability to work together and to complement each other’s skills is not taken into explicit account, one may end up with a malfunctioning board. Building successful teams is an important entrepreneurial skill. Such a skill needs to be employed in forming the board as well. Any team needs the full commitment of each member to be successful.

This type of self-censorship is more frequently observed in groups that are steered by strong leaders who are apt to make quick decisions. For this reason, it is especially important that the chairperson of a board does not voice their own opinions prior to encouraging other members to express their views. Boards may also fall into the trap of groupthink if members put pressure on dissenters to vote with the majority opinion. Dissent isnot disloyalty and should not be treated as such. Therefore, one ofthe key responsibilities of the chairperson is to solicit and receivefeedback from all members, so as to encourage the voicing of different perspectives, and to prevent such social pressure to be exerted on dissenters.

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