The strategic challenges – and opportunities – facing companies are manifest not least as organisations ponder the future of work and the world awaits the outcomes from COP 26.
In most jurisdictions strategy has to be approved by the Board but there is a wide range of practice in strategy formation, strategy approval, as well as oversight of implementation. Fidelio sees through both our Board Search and Evaluation assignments clear recognition that Boards have the opportunity to add substantial value by providing strategic direction but many Boards are not yet where the Chair - or investors – want them to be.
To that end Fidelio hosted a Roundtable for Board Directors internationally exploring the Board's role in strategy, including practical guidance.
We asked what is the biggest challenge that the Board faces with regard to strategy and were not surprised by the results:
In the course of the Roundtable, we probed:
The respective contribution of Board and Executive to strategy formation
Investor expectations with regard to strategy
Aligning Board processes and, above all, composition to support strategic direction
Drawing upon Fidelio insights from our engagement with leading Boards, as well as the investor and strategy perspective of Alistair Stranack and Stephen Cheetham, the Roundtable covered the following:
What investors want to see and how to communicate strategy to the market
Key strategic risks
Purpose as a guiding light for strategy
The Board’s contribution to strategy formation
Board oversight of strategy implementation, including metrics
The strategic value of Board diversity
To view Fidelio's presentation, 'The Board and Strategy', click here.