CEOs should also remember that, in a strategic conversation, boards will not always be able to resolve conflicts by arriving at compelling answers or comprehensive solutions. In such cases, it can be more important to agree on well-defined actions. Feedback Process development strategies seek to achieve a competitive advantage by _____________. A platform for serving communities and building trust. Facilitate the board experience, not just the board meeting, 5. 0000006811 00000 n learn mor, CA TEST 2 Semester 1 RE- Assessment Timetable, 300+ REAL TIME JAVA Multiple Choice Questions and Answers MCQs, University of the Witwatersrand, Johannesburg, Digestion, endocrinology and reproductive systems (FLG 222), Academic literacy for Economic and Management Sciences (ALL 124), Financial Accounting for companies (HFAC231-1), Bachelor of Arts in Communication Sciences (98051), Law of Succession and Administration of Estates (LPS321E), Mathematics for Natural Sciences (MATH150), Alternative Dispute Resolution 431 (ADR431), Collective Bargaining and Collective Labour Law 503 (JMLV503), Purchasin and Supply management Summary ch, Module 9. Feedback Manage Efficiently: From planning and meetings to policies and evaluations, board management software can help you keep your governance team running smoothly. b. Select one: strategic involvement of boards in business strategies from the point of view of big retailer by comparing the actions taken by the board of directors that are highlighted in the Annual Report. The Implementation Board's remit is to lay the. Many, in fact, are looking for guidance and leadership from the CEO. Tactics Not answered Implementing and monitoring results and appropriate corrective action. ________________ are the organizations major value-creating skills, capabilities, and resources that As one CEO shared, When I took over [as CEO], it was clear to me that the executive team wanted as little interaction with the board as possible. Select one: Select one: Board chairs and other directors told us they want to contribute more value and use their full range of talents: The trendline is unequivocal that directors want to be more involved in strategy and discussions at that [top] level., CEOs seem to want that, too. The correct answer is: Skilled employees Marked out of 1. Make money now without planning for the future major business processes (e., order processing, general ledger, payroll, and production) within a Not flaggedFlag question d. Strategies The strategy comes to it fully baked and all it can say is either: "Yes, we agree" or "No, we don't." The latter is, plainly and simply, a no-confidence vote and leads directly to the same place. c. be without good substitutes. Directors may feel the strategy needs to address the emergence of new competitors, the slowing of growth, technology disruption, or an increasingly bloated cost structure. b. an understanding of what the competition is doing Select one: One thing to make sure of is that we don't fall into a routine and cadence that takes away from the need to look into the future. Consider ways to change it up as an antidote to complacency., Perhaps most importantly, many CEOs touted the value of asking explicitly for feedback, through the lead director or chair if necessary, after every session: Whats working? &-C0Npby{62uU6 Adult Social Care: independent review. Not surprisingly, the most vehement complaints we heard from directors were about the seemingly impossible volume of information that board members are expected to digest. d. Legal counsel. Note, the CEO isnt asking for ratification of a particular approach, but rather seeking advice and feedback on the potential solutions which resonate more, what concerns remain outstanding, how possibilities could be modified, etc. b. Select one: b. Financial resources are made available to the board for all of the following. d. Organizational b. Not flaggedFlag question Not flaggedFlag question Tony developed the following objective for his advertising plan: Increase market share in the But that's not informing the board; that's informing individuals. Question 29 c. Motives The bulk of the work in implementing strategy is done at this stage. Question 1 Earn badges to share on LinkedIn and your resume. The goal is not realistic. The board is also responsible for setting the organisation's strategic aims, providing the require leadership to put these strategic aims into effect, supervise the management of the. 244 0 obj <<7f5d79293190543b64c64041c2251a88>]>>stream 0000006777 00000 n Question text Specifically, there is a widely shared belief that strategy formulation is fundamentally a management responsibility and that the role of the board should be confined to making sure that an appropriate strategic planning process is in place and the actual developmentand approvalof strategy is left to the . Select one: The correct answer is: Core competencies We've compiled a list of 5 effective board management strategies to help your board succeed. If a CEO is not transparent, not soliciting feedback, or not open to itor if, as one director said, an insecure CEO seems to feel threatened that there is this group they wish would just go awayboard members can pick up on that. Eighty-four percent of boards do not believe their organizations have a highly effective risk management strategy and 55% of board members identified that risk management often struggles to keep pace with changes in business strategy. b. Not answered Align with global business strategy . He outlines the processes leading to management-board involvement in funding strategies (not projects) and in determining direction. Indeed, several interviewees highlighted the common predicament of boards going stale with regard to the needs of the company, not least because of the difficulty in getting people off boards. There is sometimes a lack of refreshment, which leads directors to feel that their service is a lifetime appointment and results in a board full of people who are smart, but have finance experience from the 60s., While it is the nominating/governance committees responsibility to recruit board members, CEOs should not be shy about proactively and strongly signaling what specific capabilities are required of a board that is truly qualified to weigh in on matters of current and future strategy. c. opportunities Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. H|TKo8WQV_"@,PA`%h4^3Ru}/aypZ)PlUon-'xz3Mr`Q?XX%2BZZZ8u}=Tnjyn~}us UJXP!0PFI,m3epR;K>u}sbAhL'CTrU{ 7cv}^ZDA8"7wP g80)SA n ?"'[35R You would think that all of these high-powered people that sit on boards could deliver bad news. Select one: c. Strengths, d. Opportunities A CEO clearly in charge with a board helping to provide sage advice is the perfect combination for boards and strategy. business-- the investment-- are more than matched by the revenue produced in return? d. a duty to propose high dividends for shareholders Feedback The correct answer is: operating board The chairperson of the board of directors and CEO should be leaders with: Vision and problem solving skills. Feedback Meanwhile, the world around them is in constant motion. c. CEO. The role of the CEO exists at the intersection of the external environment and the internal organization. Question text d. no control over resources Time taken 1 min 24 secs Board structures may differ among family-owned SMEs. But with the preceding steps, the board is in alignment with the challenges to be solved and has seen and provided advice on the range of possibilities from which the recommendation has been drawn. Not answered, Select one: _________ management sets the companys mission, objectives, broad strategies, and policies. The correct answer is: risk of competitors imitating innovations b. Board of directors. On other of his boards, the prevailing view is the extreme opposite: their job is to wait for management to come forward with its strategy and to either approve it or not. Question 26 Its just not that way.. Not answered Question text While there is no shortage of advice on how boards can improve their effectiveness as the corporate and management oversight entity, there is far less written on how CEOs and boards can work together to enhance their relationship for strategic benefit.1 We set out to address this by conducting more than 50 conversations with Fortune 1,000 CEOs, board chairs, directors, academics, and external board advisers to ask them to share their experience and perspectives. members, users, etc) those who will monitor its implementation (e.g. Not answered For a competitive firm, if any level of production results in losses, the loss-minimizing output level is when: A. marginal product equals marginal cost B. marginal revenue equals marginal cost C. In the past, the community relations function was deemed a(n) ________ between the organization and its immediate community. Marked out of 1. CEOs will likely be willing to be transparent to the extent they experience mutual respect, trust, and support. a. In the process, CEOs can establish a new habit of continuous, open, explicit conversations with their boards to cocreate a board experience that drives the mutual trust, collaboration, and partnership necessary to rise to the occasion. Operating board . Not answered Factsheet 3 - ts purpose is to protect the child's rights to develop his or her full cognitive, Richfield Graduate Institute of Technology. Operating board. b. You could only [process] 50 pages, not 500. Not flaggedFlag question Leveraged in the right way, boards canand musttranscend their oversight role to be a tremendous strategic asset. Question text Differences in resources and capabilities are the basis of competitive advantage. The correct answer is: market situation analysis a. a negative What is evident from our research is that no one size fits all and that the leadership structure is somewhat dependent on the individuals in the roles. c. Does not have any other relationships with the company other than his or her directorship While there is no shortage of advice on how boards can improve their effectiveness as the corporate and management oversight entity, there is far less written on how CEOs and boards can work together to enhance their relationship for strategic benefit. We all know that of course, but aspects of the why, what and how of board engagement in strategy are still contested in theory and practice. 21. c. looking for ways to enhance existing work processes Question text Its not necessarily easy for boards to contribute to strategy, however, or even to embrace the idea that they should. plan objective? . The correct answer is: It is an objective more appropriate for a marketing plan. State Finished consumer market from 10 percent to 15 percent in one year. What is wrong with this advertising Not answered On others, the prevailing view is the extreme opposite: their job is to wait for management to come forward with its strategy and to either approve it or not. A MIHRM, MKIM, SHRM Certified HR Business Partner with a successful background spanning over 11 years and extensive exposure as a Strategic Organization Development Consultant, Talent Architect, Performance Management expert and International consultant working on both international and local assignments. Learn about the 4 key leadership roles of the Board and how to maximize the effectiveness of the governance system. Operating board. (enterprise risk management) anywhere in the world, in either the public or private sector. If the board feels it needs to do strategy for the company, it is prima facie evidence that it should fire the CEO. Chief compliance officer. Our recommendation to take advantage of tension can feel counterintuitive to both CEOs and boards. Not answered On some of my friends boards, the prevailing view is that strategy is their job and they insist on having board strategy retreats during which they set strategy. They can also model how they want to communicate in the way they share both good and bad news (without hyping or downplaying), and in the way they ask questions and listen. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Some firms may have a (formal or informal) dual board arrangement, with an operations board and a separate advisory board addressing more strategic issues or representing wider family interests. Not answered Are you getting the right information? 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