Board of Directors Consultation – Executive Coaching
The Board of Directors is responsible for the understanding of and broad oversight for the organization’s strategy and major business practices. These include annual business planning, risk mitigation, major organization expenditures, capital structure and indebtedness, officer hiring and compensation, litigation, major expenditures or indebtedness, and CEO succession planning. In these capacities, Board members are thrust into areas of responsibility for which they are periodically unprepared. It is critical for the composition of the Board to be adequately representative of the skills and capabilities necessary to address the current and future challenges facing the organization. The structure of the Board’s responsibilities needs to be clearly defined, through committees and roles. Also, Board processes, decision-making authority and operating principles need to be well developed for the Board to add maximum value to the success of the organization.
In order to best help the Board of Directors function at their highest level, Myron Beard Executive Coaching (MBEC) offers the following Leadership Coaching services:
- Evaluation of the Board Composition – MBEC Consultants will undertake a comprehensive look at the current Board member composition and meet with Board members, company executives and other key stakeholders to better understand the current company circumstances, challenges and opportunities. Based on the themes from these conversations, MBEC will make recommendations as to which skills, capabilities and types of Board members are required to “fill out” the overall Board skill set.
- Evaluation of Board candidates – MBEC consultants will meet with current Board members to understand the skills, capabilities and communication/personality style required of new Board members. Using this information to provide context, MBEC consultants will conduct in-depth interviews with candidates under consideration for Board positions. MBEC will then present the Board with a comprehensive profile of the candidates being considered, in order to facilitate Board decision-making.
- Evaluation of the Board structure and processes – MBEC consultants will conduct a full review of the Board structure and process currently in place. This review will be compared to both “best practices” and current needs. MBEC consultants will then provide the Board with a “gap analysis” to consider, as they look at the difference between current practices and ideal practices.
- Evaluation of the Board performance – On an annual basis, MBEC consultants are available to conduct a survey on the Board’s performance year over year. This evaluation could include such issues as the overall governing of the Board, shaping long-term strategy, bolstering the company’s image in the community or industry, managing during crises, planning for top management succession, anticipating possible threats to company survival, managing risk, etc.
- Facilitation of Board meetings and/or Board retreats – MBEC consultants are experienced in the facilitation of all types of high-level meetings and/or retreats. This always includes prior meetings with each Board member to determine agenda items and key issues to be discussed. Subsequently, the facilitation of the Board meeting results in specific action items with owners, time lines and metrics for success.
- CEO evaluation – The success of the CEO is more intimately tied to the success of the business than that of any other individual. On an annual basis, MBEC consultants are available to perform CEO evaluations in conjunction with the Board and other key stakeholders. This always involves a series of interviews and results in a comprehensive report with both evaluative information as well as recommendations for improvement and development over the next year.
- CEO succession planning – Companies with an effective CEO succession plan are more able to enjoy sustainable success than those without a robust succession plan. MBEC consultants are able to look at the existing succession process and make recommendations in order to make it more organized and disciplined. In addition, MBEC consultants are able to provide the Board and the CEO with a “reality check” regarding the current succession planning, the people “in line” to be the CEO and what, if anything, needs to be done for either their development or the filling of executive talent gaps that may exist.