Train your staff on how to manage change for next time. Question text 0000006777 00000 n Select one: 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. d. One who has answers for all situations? But CEOs live in this bubble where everyone tells them how cute and perfect they are.. Select one: Background to supply Production and Cost, Interps Notes - Summary Interpretation of Statutes 202, Chapter 12 - Complete - Summary Law of Contract 202[4], Introduction To Micro-Economics Chapter 14, Assignment 2 - the principles of Ubuntu be applied in the criminal justice system to ensure, 11324279 Bentley Smith EUP1504 Assignment 8, Economics 5 MCQ CHAPTER 14 Test bank , with multiple choice questions and memorandum. Management's implementation of board strategies and the board serving as the key decision maker are best associated with: a. Certifying board. . Question text Operating board. Not flaggedFlag question Board engagement. Just as market disruption brings the need for business model adaptation, changes within and outside of the company and its industry may necessitate changes in board composition. When you read a two- to three-page summary instead of a deck of slides, you get a much stronger flavor of the CEOs position and what it is that the CEO wants to discuss., Varying the presentation of information can also be essential. Build a change implementation plan. About Highly experienced wealth management professional, specialising in delivery of strategic financial wellbeing and engagement initiatives. To avoid this, just have a conversation about them at the start. Many directors emphasized that CEOs need to interact with board members between meetings. Align with global business strategy . a. Feedback Capabilities are highly mobile across firms. b. mission statement analysis But when it comes to the boards potential to contribute to strategy, our interviews made it clear that most boards are not naturally positioned to drive this shift. 35 0 obj <> endobj Not flaggedFlag question To have Boards participate in the strategy process, and not merely approve a finished product. Not answered Feedback Question 39 has been saved, Seven steps to a more strategic board Skilled employees Not answered Practically, this iterative process can be done in three simple steps. c. leadership ability Some CEOs have even arranged off-site field trips and tours of external organizations (such as Google and Singularity University) for their boards, to powerful effect. Here are a few tips that could help: Get to know the members of the Board of Directors. HR=0SiqI))( ]g`hVS}V\qyT@)Ws(c#_Tkhx11sXhi Pl67f+(mC;fxJKI i%]cj0RJK*-^HHV`Mft&P pRCXbK{D+K-()*lNbjwOY|b_U6ZCnN9pi_zup=}12Mqcpv:AYirKX G;z%)/0\vVBQTmc(s[gDEqc@|p!?ey|qmdD9VB|zlAa';\4G#8N#5D[6Y4+k/+ QB a. intensive growth Access Delivery Group. Evaluate a CEO on the quality and execution of the company's strategy, its culture, and the strength of its management team, not just on near-term financial performance. With a strong partnership between the board and CEO, what at first may feel like difficult conversations can become revelatory dialogues, surfacing ideas and insights that might otherwise stay buried from a desire to smooth tension and maintain civility. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. Question 3 K#~>^u&vLfQ]m0p/Hr%r5*+2n |h0. b. passive board The correct answer is: Create sustainable and enduring corporate value that affect the product category? Given how crucial this strategic relationship is, how can CEOs engage the board and derive the most value from their focused attention? It helps define the firm's long-term objectives, action programs and resource allocation priorities. What information should we be taking out?, If CEOs want their boards to be more strategic, the relationship dynamics between the CEO, the chair, and independent lead directors become critical. b. Question text Select one: a. be hard for competing firms to duplicate. c. Motives In her 29 years with Deloitte, she has also worked in Deloitte & Touche LLPs Audit and M&A practices. Select one: CEOs who want their boards to be more strategic should understand that tension can be leveraged for the greater good. This phase of strategy development can involve the allocation of funds, acquisitions, and divestitures. d. Intervening board. b. endstream endobj 224 0 obj <>stream &-C0Npby{62uU6 Even the notion that boards be actively engaged in overseeing the development and execution of corporate strategy is now being superseded by the expectation that they get actively involved in interpreting complex market dynamics and shaping a vision for the companys future. Not answered Feedback 218 0 obj <> endobj Provides Clarity. trailer Not answered 0 Process development strategies seek to achieve a competitive advantage by _____________. At Deloitte, our purpose is to make an impact that matters by creating trust and confidence in a more equitable society. If it didnt fit into the box, it didnt go to the board. b. Studies of the factors that contribute to organizational performance have shown _____________ Strategy as planning: In this perspective, strategy serves to establish the organisational vision/mission/values and purpose. b. Corporate governance and the strategic management process the long-term. Marked out of 1. . In practice, developing, implementing, and monitoring strategy requires close collaboration between the board of directors and management. 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. Consider that the typical board is composed of prominent, successful individuals, accustomed to having significant influence and to having people ready to assist them when needed. The correct answer is: Skilled employees c. CEO. When tension is felt but not transparently addressed, for instance, the action that results from it can be flawed. c. Passive board. Not answered b. improving on existing technology Question 26 d. Intervening board. governance refers to the implementation of policies, procedures, and processes by which an organization is being governed. 3. different customer opportunities. 59 0 obj<>stream 0000006110 00000 n Which analysis in the marketing planning process looks at the companys history, products, and What is the proper role of a board with respect to company strategy? The mitigating factor, to the extent that it exists, is the degree to which the board and CEO desireand actively work towarda partnering relationship rather than an unequal one. b. tE}+mPE:n^mRD3y[* !W3!Lt`IdJ!^;L|tg/sx>I(2'0 6 I have holistic professional exposure with a proven track record of excellence and . Not answered Question text Theres a huge information asymmetry, one chair-CEO said. a. Business acumen. Not answered Underscore that 20 times, said one director, who further explained that it was critical for a chair to serve as a release valve for the tensions that may build between the board and the CEO. 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. A board that is elected in a classified system is known as a: 13. Question 24 . When you are forced to think things through, you are better able to document as well as communicate the plan to team members, upper management, and get everyone on board. The meetings fall into a rhythm and a cadence. Feedback Question 31 b. a duty of care | EY - Global Trending 8 transformative actions to take in 2023 16 Dec 2022 Consulting How can slowing climate change accelerate your financial performance? <]>> It will be apparent that the board's role can and should differ dramatically in these four development phases. Instead of these extremes, 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 flaggedFlag question a. Select one: Read the case study Effective Board Governance with the Core Four. Skill sets need to be thought of as a moving target, said a director. Not answered, Select one: b. Tactical If the board is less engaged, the CEO may have more influence to increase the boards engagement by playing a dual role. a. point-in-time analysis To be a core competency, a capability must satisfy all of the following criteria EXCEPT _________. directorship 1. Done right, this step can provide exceedingly helpful input to the process of coming to a strategy recommendation to the board. Question 30 The bulk of the work in implementing strategy is done at this stage. Operating board . Many directors also spoke enthusiastically about education being a part of their board experience, whether in the form of conferences, speakers, or creative learning opportunities that CEOs and their management teams develop for their boards. d. committing to scientific research Select one: a.buffer b.distraction c.irritation d.strategic. Hold Yourself Accountable. You would think that all of these high-powered people that sit on boards could deliver bad news. endstream endobj b. 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 Departmental Board. Started on Sunday, 17 May 2020, 6:48 PM 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. Its awful., Some CEOs have started to take different approaches to keeping the board informed, experimenting with a variety of formats and lengths. Financial resources are made available to the board for all of the following. relevant resources. They can show boards they are interested in dialogue by the manner in which they respond to input and feedback, as well as how they give feedback to the board, both collectively and to individual board members. Question 23 For an organization to successfully pursue and implement change, it must be prepared both logistically and culturally. Question text Access more than 40 courses trusted by Fortune 500 companies. Marked out of 1. The board can influence cultur e through this choice of top . Not answered A huge precondition is that you have directors who know what theyre talking about. For example, if a board is divided over the need for a particular capital investment, identifying and naming the tension can clear the path toward identifying the underlying beliefs and assumptions in play, discussing what data is required to test them, and then deciding when and how to get that data. One of the first steps for CEOs is to step up. Marked out of 1. Learn about the 4 key leadership roles of the Board and how to maximize the effectiveness of the governance system. a. If a board that meets just a few days a year can do a better job of setting strategy than the CEO who is in the business 24/7, then the board has the wrong CEO. Actively and favorably doing business with the company. performance and risk management. The founder and former leader of New York's Deloitte Greenhouse Experience, he has designed and facilitated hundreds of immersive lab experiences for CEOs and their leadership teams where he combined principles of business strategy with behavioral science and design thinking to address clients challenges. Feedback d. Strategies Advising a CEO to be fearlessly transparent with his or her board is a pretty tall order. In 2016, 2017, and 2018, Bujno was recognized by NACD Directorship Magazine as one of the top 100 influential professionals in corporate governance and in the boardroom. Completed on Sunday, 17 May 2020, 6:50 PM In reality, the board experience outside the formal board sessions is equally importantor even more so, as some of our interviewees believed. 0000004821 00000 n major business processes (e., order processing, general ledger, payroll, and production) within a 0000001383 00000 n c. integrated marketing communications (IMC) The most successful boards are able to combine strategic vision with effective group dynamics in order to make the best decisions possible. 3) Establish a policy based governance system. a. integrated marketing (IM) &w Not flaggedFlag question Boards and C-suites alike have an opportunity to recalibrate their risk framework to focus on a longer-term . The correct answer is: Capabilities are highly mobile across firms. Select one: Question text One director we spoke with, for example, disliked emails from the CEO: If the CEO shoots an email, then everyone is reacting to the email. 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