While CEOs manage day-to-day operations, corporate boards are charged with making sure the company meets the requirements of its mission. A company’s long-term growth and success can hinge on the appropriate management of the different roles and responsibilities between corporate executives and the board members, according to marketing consultant Justin Sachs, who spoke with The Huffington Post. Here are a few considerations he suggests business leaders make when switching between those two roles.
1. Oversight looks different from afar. The big-picture mentality required from board leadership can be a stark contrast from the more involved, day-to-day management style a CEO is used to. Board members need to turn attention away from the day-to-day and instead focus on long-term investments and the growth of the business, Sachs wrote. And since the CEO is narrowly-focused on daily operations, the company is counting on its board for overall planning and development strategies.
2. Pressure on boardrooms is mounting. Corporate boards around the globe are facing tougher demands amid an increasingly competitive business environment. According to the 2016 Global Board of Directors Survey by SpencerStuart and the WomenCorporateDirectors Foundation, 61% of public companies and 59% of private companies surveyed indicated that global growth prospects are uncertain.
3. Each has contrasting leadership styles. Whereas CEOs are leading a team, board members are leading the leaders of a business. It’s a board member’s job to influence the rest of the board team to align with his or her ideas, and then once approved, to communicate those ideas with the CEO for implementation, Sachs said.
4. The board-CEO relationship will shape the business. Like any marriage, the relationship between the board chair and the CEO can strengthen or weaken the company as a whole, according to Association Management. Strong communication and mutual respect is key here.
As your boardroom tenure progresses, keep in mind why you joined the board in the first place, suggests Association Management. Find what motivates you to serve and let that guide your decision-making in the organization.
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
