Collaboration is Vital
Current research shows that high-performing boards collaborate strongly with the CEO.
This is more of a challenge, as board directors' work is more demanding, as they now face broader responsibilities in the face of disruptions and uncertainties in our complex business environment. A recent McKinsey Global survey* confirms the directors' roles and duties are increasingly complex.
Dealing with this pressure requires strengthening collaboration with their management teams. This helps directors align well with organizations’ priorities and focus their time on the most value-adding activities.
The board’s relationship with the CEO is especially critical. The high-performing boards collaborate effectively with their CEOs collaborate. Feedback from high-performing boards shares three key areas for important collaboration:
- Establish efficient and effective board processes
- Communicate often and openly with CEOs
- Foster a strong board culture
The Impact
Boards and CEOs in high-performing entities show significant value from collaboration:
Boards
- Directors and CEOs find more time and ability to focus on priority issues
- Keeps directors more informed about the organizational operations, the environment in the competitive market and the stakeholder perspectives.
- High impact on long-term value creation (from 47% to 85%)
- Provides more time on critical strategy, talent and risk management.
CEOs
- CEOs develop better insights from the board and deepen trust and valuable ideation and stronger relationships and transparency.
We encourage working on better collaboration for better results. Contact us for guidance on improvements for the future.
Resources Citations--------
*McKinsey Global Survey
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