Board members are focusing more of this time on strategy, where they say they make the biggest contributions. Even so, 52% of respondents would like to spend even more time on strategy, the survey shows.
McKinsey describes boards as falling into 3 types: Ineffective, Complacent or Striving. Of the 3, not surprisingly, striving boards are effective in 3 strategic areas: 1) setting the overall strategic direction of the company, 2) formally approving strategy as proposed by management, and 3) adjusting strategy continuously based on changing conditions.
How much time does your board spend on strategy? Has the amount of time spent on strategy gone up or down in the last three years?
If you want to stay ahead of your competition, these survey results offer a good benchmark to gauge your board’s efforts against.
Do you have a different ‘strategy’ for focusing on strategy? Give us your comments in the comment section below.