Optimizing private company competitiveness through effective board composition
Getting its “governance house” in order can enhance a private company’s success and ability to compete. Where does the move to good governance begin? Perhaps chief among the actions that need to be taken is board of director composition and selection. Having the right people and the right “mix” of people on the board is the essential stage-setter for sound governance. If board composition isn’t right, then all other policies, procedures, and structuring activities will be more difficult to execute and likely not as effective. Moreover, sound governance can pay major dividends.
This paper is written for private company boards of directors, owners and senior management who want to optimize their board as a strategic differentiator to strengthen the organization’s competitive position as well as stakeholder confidence. Optimizing private company competitiveness through effective board composition presents a strategic way of thinking about board composition that can help set the company on the journey to improved governance that also leads to enhanced competitiveness and greater opportunities for profitability and overall success.