New Year's resolutions for your company board

New Year's resolutions for your company board

Lead or be led! Deloitte has come out with its Directors’ Alert 2013, a report outlining priorities for company boards in the post-GFC environment.

Lead or be led! Deloitte has come out with its Directors’ Alert 2013, a report outlining priorities for company boards in the post-GFC environment.

Among the New Year's resolutions it suggests for boards and directors are:

1.    Educate themselves so they keep pace with the challenges facing their organisations and commit to helping their companies address those challenges. Many business schools offer education programmes for boards that often use real-life case studies to help boards build their knowledge of emerging trends and issues, and build and enhance the skills they require to lead their companies in addressing these challenges.

2.    Make time to carry out their responsibilities. Boards need to ensure they give themselves sufficient time to fully review materials and documents in advance of meetings, participate actively on board committees, and maintain their knowledge of the issues.

3.    Find time to network with directors of other organisations. Several social media websites are available to bring together board members and to provide them with a forum for sharing ideas and experiences.

4.    Ask better questions.

In regard to #4, the report lists a whole host of questions companies should be asking themselves, on topics ranging from capital management to regulation and compliance, risk and crisis management, sustainability, and technology. Have a read of the document for yourself here.