Board Development
In the article, “What Makes Great Boards Great,” (HBR) Jeffrey Sonnenfeld noticed that one integral attribute about great boards was, “The highest performing companies have extremely contentious boards that regard dissent as an obligation and that treat no subject as undiscussable.”
Therefore, Board of Trustee (BOT) Leadership Matters.
Dr. Mike Valentine, former President of the Board of Trustees of the American College Cardiology, and James McKenna, Executive Leadership Coach.
To go further, BlackRock CEO Larry Fink sent a letter to the leaders of public companies (Source: NYTimes below). The message from the head of the world’s largest investment firm was that CEOs “need to do more than just deliver profits.” They also need to make a positive impact on society. With Blackrock’s $6.3 trillion in assets, company leaders undoubtedly take notice.
In his letter, Fink described the importance of boards. He asserted that board engagement in “developing long-term strategy is essential.” More pointedly, he noted, “directors whose knowledge is derived from only sporadic meetings are not fulfilling their duty.”
“Jim provided coaching for the American College of Cardiology (ACC) Board of Trustees (BOT) and for trustees individually. He strengthened our team dynamics, identified strategies for enhancing interpersonal interactions, and lead our pursuit of healthy conflict.
His insights into my personal leadership strengths and opportunities for growth were immensely helpful in my role as ACC BOT member and tangentially in my role at HFHS (Henry Ford Health System). Highly recommended him for individuals/team that understand the value of coaching and acknowledge latitude for development. ”
Dr. Akshay Khandelwal
Associate Division Head, Cardiology, Henry Ford Hospital. Secretary, ACC Board of Trustees.
Chair, ACC Board of Governors. Imm Past President, ACC Michigan Chapter
In my experience working with boards of trustees and healthcare executive teams in the past, we have emphasized responsible engagement of the individual members and collaborative teams, as well as, how best to serve the board as a whole, in order to serve the organization and the broader community at large. At each site where I’ve worked, we have seen engagement increase, culture change and have seen positive results as measured by participants. Thus, my aspiration for you (for us) is to continue building upon your previous successes, as we jointly shape what could work best for your BOT this year and beyond.
Source: NY Times: https://www.nytimes.com/2018/01/15/business/dealbook/blackrock-laurence-fink-letter.html ; https://hbr.org/2002/09/what-makes-great-boards-great
