ABSTRACT
This chapter explores contemporary thought leadership to discuss foundation elements for boards, mentoring, succession planning, blend of board skills, performance management, ties between the board and board committees, and stakeholder engagement. It also highlights challenging boardroom discussions around financial and governance failings, and the difficulties in managing serious allegations of wrongdoing against another director. The board has primary responsibility for the overall governance, strategic direction, performance, and conformance of the organization and for delivering outcomes in line with the organization's vision, values, objectives, goals, and customer commitment. A well-shaped organizational strategy enables the board to respond to changing market conditions, ensure management's focus on the most important long-term initiatives, achieve performance targets, deliver greater value, boost employee efficiency, sustain competitive advantage, drive continued success, grow the revenue, and maintain or shrink expenses. Succession planning is a strategy for passing on leadership to an employee or group of employees to ensure that the business continues to run smoothly.
