The key to perfect governance is not only setting up winning structures and processes, but also demonstrating appropriate behavior in building trust, creating an ethical culture and interacting with shareholders. If boards can do all of this well, they can add real value to health institutions, keeping their operations on track and pushing forward for the benefit of the general public.
Effective boards have a clear, solid structure that defines their duties. This includes defining the roles of the chairman and chief executive officer, as well as individual directors and their committees. Structures that are clearly defined enable directors to focus on their area of expertise and work as a team.
The board must develop a comprehensive plan for the management of the organization, including identifying the most important issues, establishing goals for the organization’s strategic direction and establishing strategies for managing risk. It must also ensure it has the right abilities and expertise to fulfill its duties, for example by ensuring that there’s a mixture of relevant skills on the board and by making sure that it has the required knowledge in a particular area.
A solid and reliable board of directors should have an excellent level of competence with the necessary skills and experience that will make it capable of managing key risks and contributing to the success of the company. It will have the ability to meet the diverse demands and expectations from the stakeholders, whether they’re customers, employees or investors. This will require a well-constructed strategic plan and a clear understanding of the company’s goals and values.
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