The one team board challenge

Ulf Lindgren
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Ulf Lindgren: Bain & Company International Inc.

Chapter Chapter 6 in All Above Board, 2013, pp 69-84 from Palgrave Macmillan

Abstract: Abstract In the ideal world, where we could start by building the board on a ‘blank sheet of paper’, we would naturally focus on how to build a board where the directors complement each other, and how their combined skills could play together to the benefit of the corporation they are set to serve. If we were free to design and find the optimal board team, we would be looking to a set of imperatives when making the selections: We would appoint members who complement each other and who bring key skills and expertise to the board and enhance quality and accuracy of decision-making. Cultural and gender diversity should also be part of the profile definition. We must make everyone understand that they all serve the interest of the company; they are not selected to look after self-interests, be part of power struggles between shareholder factions, involve themselves in politicking, lobbying and so on. They also must be committed to give the CEO and his team full support. At all cost we must avoid involving members who cannot listen and/or who like to listen only to themselves. This is a personality issue and not so much a matter of expertise and track record (even though they, not surprisingly, tend to be related), but it is a key factor for board performance. Finally, in an existing board structure, it is ultimately the task of the chairman to promote the One Team spirit and modus operandi. By setting the standards and following up on individual board member performance, the chairman can actively promote and build a board consisting of team players who set the company’s interests first and their own aspirationsa ndo bjectivesl ater.

Keywords: Corporate Governance; Board Member; Private Equity; Power Struggle; Team Building (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1057/9781137264268_6

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