In the latter case, it knows without question that it needs a new CEO. Feedback The right approach is an iterative process in which the CEO is in charge, because it is the CEOs job to formulate strategy, but the CEO wisely gets the maximum amount of advice from the board assuming that the board has useful insights. ___________. Not answered To chair or not to chair? Question text a. integrated marketing (IM) I feel completely different about that. But that's not informing the board; that's informing individuals. Question 17 d. Marketing Vincent is a managing director with Deloitte Consulting LLP in the US Strategy service line, Monitor Deloitte. Question text c. Each firm is a unique collection of resources and capabilities. governance refers to the implementation of policies, procedures, and processes by which an organization is being governed. BOARDCHANGE: If the board does not like strategy put forwar d by management then the board is empower ed to change the management. 0000003489 00000 n 3. Feedback Not flaggedFlag question Download the Deloitte Insights and Dow Jones app, Subscribe to receive more related content. At the same time, too much self-confidence without a corresponding amount of self-awareness can be just as great a barrier: CEOs who think they are Gods gift to the business world are not great listeners, grumbled one director. independent of management is the: 0000001383 00000 n Not flaggedFlag question The ability to motivate. If not, what do you need? When tension is felt but not transparently addressed, for instance, the action that results from it can be flawed. Management's implementation of board strategies and the board serving as the key decision maker are best associated with: a. Certifying board. b. 0000029362 00000 n In fact, as one CEO told us, The board relationship is really the most critical factor in [a CEOs] success.. The correct answer is: It is an objective more appropriate for a marketing plan. Marked out of 1. 2. 244 0 obj <<7f5d79293190543b64c64041c2251a88>]>>stream 5 Steps in the Change Management Process. Select one: Question 46 The chairperson of the board of directors and CEO should be leaders with: Vision and problem solving skills. It's very natural to start to speak to [only] one, two, or three people. Maureen Bujno is a managing director in Deloitte LLPs Center for Board Effectiveness. to receive more business insights, analysis, and perspectives from Deloitte Insights, Telecommunications, Media & Entertainment, What CEOs really think of their boards,, Building business resilience to the next economic slowdown, Ethical technology use in the Fourth Industrial Revolution, US Chief Executive Program leader, Managing director. 12. For CEOs, the board of the future is strategic, 4. c. It does not have a specific effect that can be measured. It shows that the concept of ERM goes to the very heart of an organisation and that, if implemented in the way we recommend, taking a methodical approach to the management of uncertainty, it will affect the whole corporate strategy and act as a b. a. The correct answer is: Top Be honest about our shortcomings. For example, board members might not feel as adequately informed or educated on the issues as senior executives, and thus feel less qualified to opine on strategy. Operating board. Select one: Question text One notable exception: Jeffrey Sonnenfeld, Melanie Kusin, and Elise Walton, What CEOs really think of their boards, Harvard Business Review, April 2013. determine the organizations competitive weapons. b. be technologically innovative. b. <]>> Theyre here for eight days, were here for 365 days., A second challenge, as one experienced board director pointed out, is that when a board has a CEO whom they think is absolutely the right CEO, many members will not be spry about being used as strategic assets. Question 2 Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, The Law of Contract in South Africa (Dale Hutchinson and Others), Strategic Management (Lynette Louw; Peet Venter), Principles & Practice of Physics (Eric Mazur; Daryl Pedigo; Peter A. Dourmashkin; Ronald J. Bieniek), Introduction to Business Management (Gawie S. 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Ones ability to be flexible and think strategically. She has over 15 years of experience working with clients at the intersection of strategy, thought leadership, and executive development in the service of individual and organizational growth. Select one: Active Scotland Delivery Group. Select one: a.buffer b.distraction c.irritation d.strategic. Feedback a. leadership effectiveness 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. Moreover, a board can, should, and usually does have a strong role in implementing a company's strategy by, for example, reviewing and approving its implementation plans, signing off on large capital expenditures it calls for, and making connections through their networks to support it. d. no control over resources On some boards, the prevailing view is that strategy is their job. W=QBjP+AN l?h3D>:LRd),m-k9[VVVE*m Marked out of 1. Boards of integrity want far more than to be identified as aloof VIPs who meet from time to time to rubber-stamp managements decisions. Not flaggedFlag question Select one: x= y,B". Question text Not answered Feedback An effective catalyzer, I work behind the scenes with an unwavering commitment to people and impact. Not flaggedFlag question A strategic board would qualify simply as a nice to have were it not for the blistering pace of relentless disruptionno longer episodic and isolated, but continuous and ecosystemic. This article draws insights from what we heard. Not answered Before delving into logistics, cultural preparation must first take place to achieve the best business outcome. Not answered I think there are multiple ways to get to the same place. Others insisted that CEOs who were also chairs should give up their chair roles to be able to leverage their boards more effectively. Managements implementation of board strategies and the board serving as the. Select one: Select one: {ru]?H&qWCOYWT.v3k 2}R&I9|N@X0jOUEkvhN&ktC 508d>>b dkbz+l Best Practices in Using Board Management Software for Maximum ESG Impact CEOs can start simply by communicating their wish for open and transparent dialogue to the board. a. Board structures may differ among family-owned SMEs. 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. Most disconnects that I have witnessed developing between boards and CEOs are the product of the CEOs strategy attempting to address problems other than the ones that board thinks are most critical. Marked out of 1. a. What is the proper role of a board with respect to company strategy? Not flaggedFlag question Through the strategic management process, it allows the organization to formulate sets of decisions, actions and measures - collectively known as strategies - that are subsequently implemented in order to achieve organizational goals and objectives. Question 45 Not answered The answer is easy at the end of the spectrum at which the board claims it should do strategy. The Principles are intended to assist in the evaluation and improvement of the legal, institutional and regulatory framework that influences corporate governance, and also provide guidance for stock exchanges, investors, corporations and others that have a role in developing good corporate governance. Feedback No correct answer from the options provided Question text a. Participation on a board is too often thought about as merely a series of board meetings. 6. Select one: One CEO shared his approach: I dont want board members here all the time, but if they want to come in, thats great! Writing an implementation plan gives you better clarity of thought and improves your own understanding of the project. The question: What is the proper role of a board with respect to company strategy? Boards play an integral role by serving as advisers to senior management and the overall organization. Feedback a. first mover tE}+mPE:n^mRD3y[* !W3!Lt`IdJ!^;L|tg/sx>I(2'0 6 b. b. Customer relationship management How can CEOs engage the board in becoming a strategic asset under such challenging circumstances? Get feedback from your employees. @g Marked out of 1. a. be hard for competing firms to duplicate. 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. Corporate The days of boards being a collection of the CEOs best friends are behind us. The CEOs personality. Yet some of the best strategic answers can come from engaging in and mining fraught conversations. Not flaggedFlag question To stay logged in, change your functional cookie settings. d. Intervening board. Feedback a. xc```b`` @1Vm00l`b@Ly0U@8 H80H~)m',Ut%RGNCe`H320,|'1]U First, at the start of the process, the CEO should seek the boards input on the challenges that the board thinks the strategy should address. They can even encourage the board to develop strategic options that differ from the CEOs ownand give the board enough information, as well as sufficient time and space, to do so. You would think that all of these high-powered people that sit on boards could deliver bad news. Correct answer is: it is an objective more appropriate for a marketing plan, the prevailing view is strategy. Is their job the answer is: it is an objective more appropriate for a marketing plan deliver news! Strategy service line, Monitor management implementation of board strategies and the board serving the overall organization CEOs who were chairs. 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