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Mardi 25 Septembre 2012

Effective Board Characteristics

A board that adds value to their company is an extremely important advantage. Board members and the CEO along with key executives should be constantly quizzing themselves in this regard.

Joel Lesser
Joel Lesser
According to Beverly Behan's article in the September 2012 edition of Financial Executive, "Five Hallmarks of a Highly Effective Board", she has some great examples. The CEO or any board member should be able to describe how the board adds value and understands the most important challenges facing the company.

In addition, like the company's management, board members should always be looking to improve their performance and contributions. If you were a fly on the wall, you would notice energy in the room, with everyone engaged and exchanging ideas and challenging each other in a professional manner. Boards are most efficient when they work as a team with a common goal that is not self-serving, but genuinely good for the organization's growth.

Finally, actual performance will be the ultimate evaluation factor for the board's effectiveness. This pertains to strategic decisions, customer satisfaction with operational execution, and the desired financial results.

Beverly has a great saying: "Good boards become great boards...and great boards stay that way."

Joel Lesser is a CFO who makes decisions - with his own brand of diligence, integrity and thoughtfulness - that ensure reliable foundations on which businesses and talent may grow.
Acutely aware of the domino effect of change, he constantly asks himself, “Are we not only doing it right, but also are we doing the right thing?”

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