{
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  "sources": ["ssg:https://framerusercontent.com/modules/cum6vxnO7slp7zOx9ZvI/nUjfhNZno5qglVrAG1Ek/LirKPvwBI-4.js"],
  "sourcesContent": ["import{jsx as e,jsxs as t}from\"react/jsx-runtime\";import{Link as a}from\"framer\";import{motion as r}from\"framer-motion\";import*as n from\"react\";export const richText=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"But while uncertainty seems to be the new constant, boards of large-cap, listed companies across Europe and the UK are still confident they can effectively manage whatever shocks lie ahead. This certainly holds true for the more than 400 boards and 3,000 directors that use the BoardClic platform. In fact, BoardClic platform users are overwhelmingly confident in two core measurements of how prepared an organisation is to tackle uncertainty.\"}),/*#__PURE__*/e(\"p\",{children:\"Overall, more than 90% of board members in Europe feel that their boards are swift to adapt to changing business conditions. In the Nordics, the corresponding share was nearly 92% and in the UK, about 88% of directors agreed.\"}),/*#__PURE__*/t(\"p\",{children:[\"Turning to how board members think their organisations have the capacity to keep innovating solutions to tackle future market challenges, the European average is more than 82%. In the UK, the share is about 78% and in the Nordics, almost 84%.\\xa0\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"800\",src:\"https://framerusercontent.com/images/Wz4FWzVibXpZv3EKyFDzMVTRyI.png\",srcSet:\"https://framerusercontent.com/images/Wz4FWzVibXpZv3EKyFDzMVTRyI.png?scale-down-to=512 512w,https://framerusercontent.com/images/Wz4FWzVibXpZv3EKyFDzMVTRyI.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/Wz4FWzVibXpZv3EKyFDzMVTRyI.png?scale-down-to=2048 2048w,https://framerusercontent.com/images/Wz4FWzVibXpZv3EKyFDzMVTRyI.png 2400w\",style:{aspectRatio:\"2400 / 1600\"},width:\"1200\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),\"Despite some regional differences, it\u2019s clear that using the BoardClic platform for regular evaluations bolsters the preparedness of board members.\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"For any board, safely navigating a crisis hinges on qualities like trust, alignment and group dynamics. To really get ready for the unknown, boards need to cultivate a culture of agility and continuous learning. They also need to foster strong communication channels\u2013in and outside the organisation. This means prioritising scenario planning and promoting diverse thought leadership, all to anticipate the full range of possibilities or threats that may impact the business.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"So is it all about being proactive rather than reactive? Only time will tell. While most board members believe they\u2019ve adapted well over the past few years, and that may be true, the advent of AI in business raises another important question: Are some boards potentially overconfident about their future-readiness?\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"From what we know of our work across all levels and types of organisations, boards sometimes fail to recognise challenges that are all too evident to management. This perceptual gap may stem from how information gets disseminated in a company. Or, it may result from unbalanced board composition. Also, many boards adopt a mechanical approach to strategy, which can fall short of addressing the nuances of a dynamic market.\"}),/*#__PURE__*/e(\"p\",{children:\"One thing is clear: the role of the chair is critical in guiding boards through uncharted waters and in making tough transformative decisions that shape an organisation.\"}),/*#__PURE__*/e(\"p\",{children:\"Here are some tips on how to bolster board performance, based on how some of Europe\u2019s leading companies use our platform:\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Smaller boards are better\"}),\": Nimbleness often comes with a smaller size, enabling quicker decision-making and streamlined communication.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Prioritise chairmanship\"}),\": Leadership sets the tone, guiding the direction and instilling confidence throughout the board.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Stay updated\"}),\": Periodic board realignments with strategic goals are crucial to remain relevant and responsive to changing market conditions.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Champion age diversity\"}),\": Varied age perspectives are more crucial than ever, enriching discussions with a blend of experience and innovation.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Seek feedback\"}),\": Regular evaluations foster growth and alignment, ensuring the board remains in tune with the organisation\u2019s evolving needs.\"]}),/*#__PURE__*/e(\"p\",{children:\"To wrap up, Europe\u2019s boards demonstrated admirable resilience in the past few years. Yet, to keep the ship steady, introspection and agility remain essential. With the right board composition, mindset and a comprehensive platform for digital performance reviews, any storm can be navigated with confidence. Even the unknown.\"}),/*#__PURE__*/e(\"p\",{children:\"About this research\"}),/*#__PURE__*/e(\"p\",{children:\"Our data is derived from more than 1,000 board reviews conducted on the BoardClic platform. The platform includes feedback from over 3,000 board members across 400 organisations in 50 countries around the world.\"}),/*#__PURE__*/e(\"p\",{children:\"This specific dataset, which focuses on future readiness, is drawn from board reviews that took place on the platform between July 1, 2022, and February 15, 2023. It reflects the opinions and attitudes of 1,223 chairs and board members in listed companies, financial institutions, private equity and venture capital firms across Europe.\"}),/*#__PURE__*/t(\"p\",{children:[\"Interested in ensuring your board\u2019s peak performance? Discover how \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/products/board-evaluation\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"BoardClic\u2019s Board Evaluation\"})}),\" can elevate your board\u2019s readiness, or \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/demo-request/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"talk to one of our experts\"})}),\" today.\"]})]});export const richText1=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"According to Aston Martin Lagonda \",/*#__PURE__*/e(a,{href:\"https://www.astonmartinlagonda.com/investors/annual-report\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"Annual Reports and Accounts 2022 (page 108)\"})}),\", the benefit of using BoardClic \u201Cwas that it enabled the data to be broken down between Executive Directors, Independent Non-executive Directors and Shareholder Representative Directors so that alignment between the three groups of directors could be assessed. It also enabled the results to be benchmarked against the results of other FTSE companies. The conclusions of the evaluation were very positive, concluding that the Board is highly effective and there is general alignment between the views of the Shareholder Representative Directors, Independent Directors and Executive Directors.\u201D\"]}),/*#__PURE__*/e(\"p\",{children:\"Aston Martin\u2019s vision is to be the world\u2019s most desirable, ultra-luxury British brand, creating the most exquisitely addictive performance cars. Founded in 1913 by Lionel Martin and Robert Bamford, Aston Martin is acknowledged as an iconic global brand synonymous with style, luxury, performance and exclusivity. Based in Gaydon, England, Aston Martin Lagonda designs, creates and exports cars which are sold in 55 countries around the world.\"})]});export const richText2=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"This partnership, bringing together two female-founded technology firms, will enable Board Intelligence clients to further improve their board effectiveness through the powerful benchmarking tools within the BoardClic platform.\"}),/*#__PURE__*/e(\"h6\",{children:\"\u201CThere are some brilliant independent consultants who facilitate in-person board performance reviews, but BoardClic is unique in offering a technology solution which can be used for any organisation \u2013 regardless of size, industry or ownership structure. By drawing on data from the 3,000 directors and 400 organisations using the platform across the globe, BoardClic allows you to benchmark your organisation to see how it stacks up against peers, and its beautifully simple and intuitive user interface makes it a joy to use\u201D,\"}),/*#__PURE__*/e(\"p\",{children:\"- Pippa Begg, co-CEO of Board Intelligence.\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),\"Board Intelligence is trusted by over 40,000 directors and 3,000 organisations globally \u2013\\xa0 from Fortune 500 and FTSE 100 corporates, to fund, trust and corporate service providers and high-growth businesses.\"]}),/*#__PURE__*/e(\"p\",{children:\"\u201CBoardClic is another female-founded technology firm and one which shares our values and ethos around governance. We are thrilled to be working together and introduce the digital BoardClic platform to our extensive network of boards, directors and CEOs across the UK and globally. We have known Sara Parker, Senior Advisor & Head of UK at BoardClic, for many years, collaborating to support the board community. We are now delighted to be formally partnering with her and the broader BoardClic team\u201D, adds Jennifer Sundberg, co-CEO of Board Intelligence.\"}),/*#__PURE__*/t(\"p\",{children:[\"Learn more about \",/*#__PURE__*/e(a,{href:\"https://www.boardintelligence.com/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"Board Intelligence\"})}),\" and this new partnership at Board Intelligence\u2019s in-person event in London on Tuesday, September 26th: \u2018\",/*#__PURE__*/e(a,{href:\"https://www.boardintelligence.com/events/board-evaluation-are-you-ready-26-09-23?hs_preview=dQFUNWde-128378250411\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"Next Gen Board Evaluations: Transforming Governance Through Technology\"})}),\"\u2019.\"]})]});export const richText3=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"The biometric authentication feature offers numerous benefits, including enhanced security, a faster and more convenient login process, and the elimination of the need to remember passwords. In practice, this means that you can use your unique biometric information to verify your identity and log in to your account, without relying on a password.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Our biometric authentication feature, built upon the FIDO2 standard, represents\\xa0 the latest and most secure login method \u2013 a collaborative effort involving\\xa0 tech giants such as Google, Microsoft and Apple. By removing the necessity\\xa0 for passwords, this new feature mitigates the risks of password breaches and phishing attacks and adds a layer of security to your BoardClic account.\"}),/*#__PURE__*/e(\"p\",{children:\"Configuring this login method is simple and can be completed during the account registration process or through your account settings if you are an existing user. Whether on your phone, laptop, or via a USB passkey, setting up your biometric ID is a breeze. For added security, we recommend enabling biometric login on two devices.\"}),/*#__PURE__*/t(\"p\",{children:[\"We\u2019re eager to receive your feedback on our new biometric authentication feature and hope it further enhances your experience with our service. Would you like to know more, please \",/*#__PURE__*/e(a,{href:\"mailto:help@boardclic.com\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"contact our customer support team\"})}),\". If you are already a customer you can explore our new biometric authentication feature in \",/*#__PURE__*/e(a,{href:\"https://next.boardclic.com/users/log_in\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"our platform\"})}),\".\"]})]});export const richText4=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Through the partnership, Aggancio will bring the digital BoardClic platform to its network of boards, executives and directors throughout Europe and beyond. Aggancio is a technology and quant-driven executive search firm with offices in New York, London, Stockholm, Singapore and Hong Kong.\"}),/*#__PURE__*/e(\"p\",{children:\"\u201CWe are thrilled to enter into this channel partnership with BoardClic and introduce their digital platform to our extensive network of clients worldwide. Through this partnership we will strengthen our offering and set a new standard for our clients in leveraging data to drive informed decision-making. We also share a common DNA as data and technology-driven pioneers, both committed to challenging traditional incumbents and pushing the boundaries of innovation.\u201D, says Andr\\xe9 Haug, Founding Partner and CEO, Aggancio.\"}),/*#__PURE__*/e(\"p\",{children:\"Aggancio has worked with a diverse range of clients, both existing and past, including Battery Ventures, EQT, Creandum, Verdane, TA Associates, Antler, Amex GBT, KKR and BCG.\"}),/*#__PURE__*/e(\"p\",{children:\"\u201CWe look forward to introducing our leading digital platform for board evaluations to Aggancio\u2019s impressive network of clients around the world, enabling them to implement a data-driven and state-of-the-art standard for board effectiveness and portfolio governance\u201D, adds Monica Lagercrantz, Founder and CEO, BoardClic.\"})]});export const richText5=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"This was precisely the situation that BabyBj\\xf6rn Chairman Michael Berg found himself in not long ago. Renowned globally for its high-quality baby products, BabyBj\\xf6rn had relied on traditional evaluation methods that weren\u2019t user-friendly and ate too much time. Enter the digital evaluation platform that revolutionised BabyBj\\xf6rn\u2019s approach\u2014BoardClic.\"}),/*#__PURE__*/t(\"p\",{children:[\"Berg doesn\u2019t remember the exact circumstances that led him to BoardClic, but he recognised the platform\u2019s value straightaway. Swapping laborious spreadsheets and generic questions borrowed from the Internet for an intuitive platform with well-researched, insightful questions was an immediate upgrade.\",/*#__PURE__*/e(\"br\",{}),\"\\xa0\"]}),/*#__PURE__*/e(\"h3\",{children:\"Collective review\"}),/*#__PURE__*/e(\"p\",{children:\"Board meetings at BabyBj\\xf6rn saw a significant transformation: the annual board evaluation morphed into a constructive, team-focused exercise. All members engaged in the process, collectively reviewing the results, followed by in-depth discussions.\"}),/*#__PURE__*/e(\"p\",{children:\"BoardClic\u2019s benefits extend beyond board evaluations, though. The platform\u2019s CEO Evaluation, used concurrently with board evaluations, provided directors with a clearer, 360-degree picture of the CEO\u2019s daily tasks and responsibilities. Rather than just the board\u2019s impressions, the evaluation also includes input from senior management and the CEO\u2019s own performance assessment.\"}),/*#__PURE__*/t(\"p\",{children:[\"In Berg\u2019s experience, combining the two evaluations is what really amplifies the power of the platform. Additionally, BoardClic\u2019s benchmarking feature lets BabyBj\\xf6rn compare its performance with that of other companies. This is particularly valuable to a family-owned business.\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]}),/*#__PURE__*/e(\"h2\",{children:\"Streamlined process\"}),/*#__PURE__*/e(\"p\",{children:\"Berg is a steadfast advocate, and has already recommended BoardClic\u2019s platform to other companies. The benefits that a digital evaluation platform like BoardClic offers, he believes, far surpass the investment involved. The platform offers an easier workflow, deeper insights, and overall, a streamlined evaluation process that keeps generating value year after year.\"}),/*#__PURE__*/e(\"p\",{children:\"If a successful, family-owned business like BabyBj\\xf6rn can derive substantial benefits from a digital platform that combines a board evaluation with a 360-degree assessment of the CEO, it\u2019s likely that your company can, too.\"})]});export const richText6=/*#__PURE__*/e(n.Fragment,{children:/*#__PURE__*/t(\"p\",{children:[\"Read more about how BoardClic\u2019s Board Evaluation and CEO Evaluation revolutionised BabyBj\\xf6rn\u2019s performance review processes in this \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/blog/babybjorn-customer-story\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"customer story\"})}),\", or \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/demo-request/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"talk to one of our experts today\"})}),\".\"]})});export const richText7=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/e(\"h6\",{children:\"\u201CBoardClic\u2019s platform has been invaluable in structuring our board and CEO evaluations. The thoroughness of the questions, the easy-to-use interface, and the ability to benchmark ourselves with others makes everything smoother and more efficient. I particularly appreciate the way it ties the board evaluation and the CEO evaluation together. It just brings a whole new level of transparency and trust into the equation.\u201D\"}),/*#__PURE__*/t(\"p\",{children:[\"\u2013 Michael Berg, Chairman, BabyBj\\xf6rn\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]}),/*#__PURE__*/e(\"h3\",{children:\"About\"}),/*#__PURE__*/e(\"p\",{children:\"BabyBj\\xf6rn is a Swedish family-owned company, born in 1961. The company is passionate about creating safe, quality products that simplify everyday life for families. BabyBj\\xf6rn is famous worldwide for its baby carriers and bouncers and the product range includes and a variety of sleep, kitchen, and bathroom products for infants.\"}),/*#__PURE__*/e(\"h2\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Challenge\"}),/*#__PURE__*/e(\"p\",{children:\"Despite its commitment to quality and innovation in its products, BabyBj\\xf6rn\u2019s board and CEO evaluation processes remained traditional. They used Excel sheets, which required more work and lacked the depth of well-researched questions and the ease of use of a digital platform.\"}),/*#__PURE__*/e(\"h2\",{children:\"\\xa0\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Solution\"}),/*#__PURE__*/e(\"p\",{children:\"BoardClic\u2019s two core products, Board Evaluation and CEO Evaluation, revolutionised BabyBj\\xf6rn\u2019s processes. The natural addition of a CEO evaluation provided a 360 view of the CEO\u2019s performance, improving the confidence of board members in their decisions without generating unwarranted insecurity.\"}),/*#__PURE__*/e(\"h2\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Results\"}),/*#__PURE__*/e(\"p\",{children:\"BabyBj\\xf6rn experienced significant improvements in their board and CEO evaluation processes:\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"26px\",\"--framer-text-alignment\":\"left\",\"--framer-text-color\":\"rgb(116, 125, 136)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"The platform\u2019s easy-to-use interface and time-saving capabilities resulted in more efficient and effective evaluations.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"Benchmarking against other companies provided valuable insight and perspective.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"BoardClic\u2019s CEO Evaluation enriched board discussions and decision-making, fostering an informed understanding of the CEO\u2019s day-to-day activities.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"Regularity in evaluations are facilitating a natural, organic process, nurturing a culture of continuous improvement at BabyBj\\xf6rn.\"})})]})]});export const richText8=/*#__PURE__*/e(n.Fragment,{children:/*#__PURE__*/t(\"p\",{children:[\"Read more in this \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/blog/babybjorn-takes-big-leap-in-board-and-ceo-evaluations-with-boardclic/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"blog\"})}),\" about how BabyBj\\xf6rn is taking a big leap in board and CEO evaluations with BoardClic, or \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/demo-request/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"book a demo of our platform today\"})}),\".\"]})});export const richText9=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"MTG is an international gaming group that owns and operates gaming studios with popular global IPs across a wide range of casual and mid-core genres. The group is focused on accelerating portfolio company growth and supporting founders and entrepreneurs. MTG is an active driver of gaming industry consolidation and a strategic acquirer of gaming companies around the world. MTG is listed on Nasdaq Stockholm.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(a,{href:\"https://boardclic.com/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"Learn more about BoardClic\"})}),\" and discover our leading digital governance platform for performance and effectiveness evaluations of boards, CEOs and management teams.\"]})]});export const richText10=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Our ESG Maturity Assessment evaluates strengths and weaknesses in six key ESG efforts to help boards and c-level executives identify opportunities for sustainable growth and business development, including:\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"26px\",\"--framer-text-alignment\":\"left\",\"--framer-text-color\":\"rgb(116, 125, 136)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"Purpose & governance\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"Materiality & stakeholder engagement\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"Environment\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"Climate governance\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"Social, diversity & inclusion\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"Governance\"})})]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"ESG Maturity Assessment also ensures that your organisation meets the reporting requirements of major ESG standards, such as the Global Reporting Initiative (GRI), the Corporate Sustainability Reporting Directive (CSRD), and the European Sustainability Reporting Standards (ESRS).\"})}),/*#__PURE__*/e(\"p\",{children:\"These standards require companies to disclose information about their sustainability practices from the very highest level of governance. BoardClic\u2019s ESG Maturity Assessment helps your organisation achieve compliance with the GRI framework\u2019s reporting requirements, which includes evaluating the performance of your board. Additionally, it can help you meet the reporting requirements of CSRD and ESRS, which aim to standardise sustainability reporting across Europe.\"}),/*#__PURE__*/e(\"p\",{children:\"Our ESG Maturity Assessment is intuitive and can be rolled out quickly without taking valuable time from board members and management. It lets you identify key ESG priorities, uncover strengths and weaknesses, and gain actionable insights. With this information, you can align towards a structured ESG strategy and steer your company in the right direction.\"}),/*#__PURE__*/t(\"p\",{children:[\"Read our blog \u201C\",/*#__PURE__*/e(a,{href:\"https://eu1.hubs.ly/H03XqBp0\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"UK boards are lagging behind the rest of Europe on confidence in ESG\"})}),\"\u201D to learn more about European board members\u2019 attitudes and opinions about ESG, or \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/demo-request\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"talk to one of our experts today\"})}),\" to find out how BoardClic\u2019s ESG Maturity Assessment can help you to secure your ESG ambitions.\"]})]});export const richText11=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"We recently mined our platform\u2019s user data, which is derived from over 1,000 board evaluations and includes feedback from more than 3,000 chairs and board members in listed companies, financial institutions, and investment firms across Europe. We wanted to know if directors believe investments in ESG improve their organisation\u2019s bottom line. The results were a real eye opener.\"}),/*#__PURE__*/e(\"p\",{children:\"Our unique platform data shows that boards in the UK are a lot less likely than their mainland counterparts to believe that ESG activities actually generate value. In Britain, just over two-thirds of directors think ESG factors add value, a far cry from the European average of 83% and an even bigger drop from the Nordic region, where 88% recognise the benefits.\"}),/*#__PURE__*/e(\"p\",{children:\"And even more surprisingly, more than one out of 10 UK-based boards believe that investing in ESG activities adds no value at all. That compares with low-single digits for Europe as a whole.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Shifting perceptions \"}),/*#__PURE__*/e(\"p\",{children:\"What\u2019s driving these stark contrasts? Clearly, the expectation for all companies to align with ESG factors is climbing a steep trajectory. Partly, this is driven by regulation and partly by a shift in perceptions on what contributes value to a business. And these expectations don\u2019t just come from customers, partners, NGOs and employees. Many of the world\u2019s most significant investment houses have made ESG a top priority for their daily business.\"}),/*#__PURE__*/e(\"p\",{children:\"These factors affect all companies in Europe, including the UK. In Britain, both the Financial Reporting Council and investors want companies to be more transparent and authentic in their ESG reporting. In the European Union, the Corporate Sustainability Reporting Directive entered into force this year, modernising and strengthening existing rules on what social and environmental information many companies must report for the 2024 financial year. Clearly, the differences in corporate governance codes between the EU and UK may affect overall confidence in ESG.\"}),/*#__PURE__*/t(\"h3\",{children:[/*#__PURE__*/e(\"br\",{}),\"Lack of integration \"]}),/*#__PURE__*/t(\"p\",{children:[\"But there\u2019s another difference between the UK and Europe that better explains our results. Across Europe, stakeholders are increasingly calling for businesses to drop separate initiatives in favour of fully integrating ESG into their business strategy. However, while it seems boards across most of Europe are already integrating, this is less true in the UK. And we believe this distinction is important in explaining why the UK lags the rest of Europe.\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"800\",src:\"https://framerusercontent.com/images/fWsy17ffmuYs4fH1QAoCWhK2Oe8.png\",srcSet:\"https://framerusercontent.com/images/fWsy17ffmuYs4fH1QAoCWhK2Oe8.png?scale-down-to=512 512w,https://framerusercontent.com/images/fWsy17ffmuYs4fH1QAoCWhK2Oe8.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/fWsy17ffmuYs4fH1QAoCWhK2Oe8.png?scale-down-to=2048 2048w,https://framerusercontent.com/images/fWsy17ffmuYs4fH1QAoCWhK2Oe8.png 2400w\",style:{aspectRatio:\"2400 / 1600\"},width:\"1200\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),\"According to our data, more than 70 percent of European boards discuss ESG at every board meeting, compared with just over half for UK boards. And that difference goes a long way to explaining why UK board members are more sceptical on the value of ESG. If the directors don\u2019t regularly discuss ESG strategically, it\u2019s unlikely that management and employees will incorporate those factors in their daily activities. Integrating ESG into strategy can help companies drive innovation, reduce risk, create new markets, and spur engagement in employees and top management.\"]}),/*#__PURE__*/e(\"p\",{children:\"Using this lens, the stark contrast between the UK and Europe on perception of the value of sustainability activities becomes easier to understand.\"}),/*#__PURE__*/e(\"p\",{children:\"UK businesses should recognise the long-term strategic value of ESG factors and fully integrate that thinking into their strategy. It\u2019s critical for overall performance and for staying competitive. If UK-based boards don\u2019t start to take a more holistic approach to ESG, they risk being outpaced by their European counterparts in the global market.\"}),/*#__PURE__*/t(\"h3\",{children:[/*#__PURE__*/e(\"br\",{}),\"About this research \"]}),/*#__PURE__*/e(\"p\",{children:\"Our data is derived from more than 1,000 board evaluations conducted on the BoardClic platform, the leading digital governance platform for board and CEO evaluations. The BoardClic platform includes feedback from over 3,000 board members across 400 organisations in 50 countries around the world.\"}),/*#__PURE__*/e(\"p\",{children:\"This specific dataset, which focuses on ESG and sustainability, is drawn from board evaluations that took place on the platform between July 1, 2022, and February 15, 2023. 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With BoardClic\u2019s actionable insights, we can track our progress over time and ensure that we continue to meet our high standards for corporate governance\u201D, said Roberto Italia, Chairman of the Board of Avio.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Avio is a leading international aerospace group that designs, develops, produces and integrates space launchers. Avio is also involved in the development and production of solid and liquid fuel propulsion systems and payload adapters, and has a leading position in research and development of new materials and equipment for space applications. 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Board members can easily see which evaluations are in progress, which ones are complete, and which ones are delayed. This helps users stay on top of their responsibilities and ensures that evaluations or deadlines aren\u2019t forgotten or missed.\",/*#__PURE__*/e(\"br\",{}),\"\\xa0\"]}),/*#__PURE__*/e(\"h3\",{children:\"Interesting insights from the boardroom\"}),/*#__PURE__*/t(\"p\",{children:[\"Another great feature of our new dashboard enables users to access unique insights derived from our aggregated user data. This feature offers access to current data and statistics pertaining to the trends in the boardroom, encompassing essential priorities and insights.\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]}),/*#__PURE__*/e(\"h3\",{children:\"Product overview\"}),/*#__PURE__*/t(\"p\",{children:[\"Now, board members are also able to see a product overview section, which provides board members with a high-level view of our platform. 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Users can also see when their accounts were created and when they last logged in, providing more transparency and clarity around the usage of the platform.\"}),/*#__PURE__*/t(\"p\",{children:[\"We\u2019re excited to offer this new feature to our customers and look forward to seeing the positive impact it will have. Would you like to know more, please \",/*#__PURE__*/e(a,{href:\"mailto:help@boardclic.com\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"contact our customer support team\"})}),\". 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The reports are extremely valuable. We can now collect and report what is going on across all our portfolio companies, so we can compare and see where we have issues. BoardClic\u2019s benchmarks are extremely helpful.\u201D\"}),/*#__PURE__*/e(\"p\",{children:\"\u2013 Jesper Isaksen, Partner, Head of Talent at FSN Capital\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h3\",{children:\"About\"}),/*#__PURE__*/e(\"p\",{children:\"Since 1999, leading Northern Europe private equity firm FSN Capital specialises in supporting growth-oriented companies in becoming more global, competitive and sustainable.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Challenge\"}),/*#__PURE__*/e(\"p\",{children:\"FSN takes a highly structured and data-driven approach to business, including their process for board evaluations. 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The customer success team helped us with everything from setup to follow-up and it felt very professional.\u201D\"})}),/*#__PURE__*/e(\"p\",{children:\"\u2013Anders Johansson, CEO of Fortinova.\"}),/*#__PURE__*/e(\"h2\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"About\"}),/*#__PURE__*/e(\"p\",{children:\"Fortinova has a big heart and a big vision\u2014to be Western Sweden\u2019s most prominent residential real estate company. Its strategy isn\u2019t all about acquiring property and business growth. It\u2019s much more about people and the environment and building and maintaining strong relationships with tenants and local businesses.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Challenge\"}),/*#__PURE__*/e(\"p\",{children:\"After Fortinova made its debut on Nasdaq First North Premier Growth Market in 2020, it gained 5,000 new shareholders. It also had to attend to a number of new challenges, including a requirement to implement a structured board-evaluation process. The problem was that Fortinova had never conducted a board evaluation before and didn\u2019t want to spend a lot of time doing so.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Solution\"}),/*#__PURE__*/e(\"p\",{children:\"BoardClic\u2019s Board Evaluation product provided immediate and actionable steps for Fortinova. The results were detailed enough to offer specific insights that align with Fortinova goals and values, but general enough to be executed efficiently. 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As experts in mid-market buyouts, their goal is to find interesting growth stories, niche-market leaders, passionate entrepreneurs and winning company cultures.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Challenge\"}),/*#__PURE__*/e(\"p\",{children:\"For a decade, CapMan Buyout tried external consultants and adopted different models and internal systems to evaluate and enhance board performance, but concluded that they were spending too much time and resources managing evaluations of their own board and those of portfolio companies. Ultimately, they decided they needed something new.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Solution\"}),/*#__PURE__*/e(\"p\",{children:\"Through their network, CapMan Buyout was introduced to BoardClic\u2019s digital platform. BoardClic\u2019s Board Evaluation product lets users access a fully data driven process with best-practice question formats that are customised for different roles on the board and at the C-suite. We were an instant match for CapMan Buyout and their requirements.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Results\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"26px\",\"--framer-text-alignment\":\"left\",\"--framer-text-color\":\"rgb(116, 125, 136)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"Saves time and effort on administration that can be channelled to business development.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"Increases board evaluation response rates and engagement.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"Performance of individual portfolio companies can be benchmarked against the internal CapMan average as well as against broader BoardClic\u2019s data.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/t(\"p\",{children:[\"Provides CapMan Buyout with a comprehensive view of how boards are performing in different areas and where to make improvements.\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]})})]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Read more\\xa0\"}),/*#__PURE__*/e(a,{href:\"https://boardclic.com/blog/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:/*#__PURE__*/e(\"strong\",{children:\"customer stories\"})})}),/*#__PURE__*/e(\"strong\",{children:\"\\xa0to discover what our users have to say about us or\\xa0\"}),/*#__PURE__*/e(a,{href:\"https://boardclic.com/demo-request/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:/*#__PURE__*/e(\"strong\",{children:\"book a demo\"})})}),/*#__PURE__*/e(\"strong\",{children:\"\\xa0today to explore how our digital governance platform can help your board reach its full potential.\"})]})]});export const richText21=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"For those unfamiliar with NPS, it\u2019s a widely used customer satisfaction metric that measures the likelihood of customers to recommend a company or its products to others. A score above 75 is considered world-class, indicating strong customer loyalty and satisfaction.\"}),/*#__PURE__*/e(\"p\",{children:\"This achievement wouldn\u2019t have been possible without the trust and support of the more than 3 000 board members across 400 organisations in 50 countries around the world using BoardClic. We\u2019re deeply grateful to all of them for their trust and valuable feedback, which continuously help us to improve and grow. Thank you for your loyalty and support, it means the world to us!\"}),/*#__PURE__*/e(\"p\",{children:\"At BoardClic, we are committed to helping boards around the world improve their performance and effectiveness. Our digital governance platform is designed to provide a seamless, intuitive and user-friendly experience for all users. We believe that our success is driven by our customers\u2019 success, and we are proud to be a part of their journey.\"}),/*#__PURE__*/t(\"p\",{children:[\"Do you want to take your board to the next level? Then we are here to help. \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/demo-request/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"Book a meeting and talk to one of our experts.\"})})]})]});export const richText22=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"In her white paper,\",/*#__PURE__*/e(a,{href:\"https://www.airmic.com/sites/default/files/Hermione-Winterton-Risk-Leadership-Dissertation-White-Paper.pdf\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\" Diversity of Thought in the Boardroom\"})}),\", Hermione Winterton refers to groupthink as being a \u201Cfaulty evaluative compass\u201D and the opposite of a balanced and diverse board. Winterton states that \u201Cseveral corporate collapses have been attributed to groupthink amongst board members.\u201D\"]}),/*#__PURE__*/e(\"p\",{children:\"She cites the collapse of US energy giant Enron as an example. \u201CKenneth Lay, the CEO of Enron, had selected board members from those who had business relationships with Enron or whose organisations had been beneficiaries of Enron\u2019s political or charitable donations,\u201D says Winterton. \u201CThe group was unlikely to challenge the dominant long-standing chairman to whom it owed so much and, as a result, Lay had created an environment that became a breeding ground for groupthink.\u201D\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h2\",{children:\"What is board composition?\"}),/*#__PURE__*/t(\"p\",{children:[\"Board composition is an analysis of the skills, competencies and experiences that your directors possess as a collective, leading to a variety of perspectives. \",/*#__PURE__*/e(a,{href:\"https://hbr.org/2019/03/when-and-why-diversity-improves-your-boards-performance\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"Diverse board composition\"})}),\" includes social, professional and cognitive diversity. This could mean that directors possess:\"]}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"26px\",\"--framer-text-alignment\":\"left\",\"--framer-text-color\":\"rgb(116, 125, 136)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"different nationalities\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"different backgrounds\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"different ages\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"varying experience across industries\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"varying experience from different boards of directors\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"different outlooks\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"different genders\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"different characteristics and personality traits\"})})]}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h2\",{children:\"Why is board composition necessary?\"}),/*#__PURE__*/e(\"p\",{children:\"Owners, be they private or public shareholders, need to ensure that the board has the skills and knowledge it needs to lead the organisation toward its strategic goals.\"}),/*#__PURE__*/e(\"p\",{children:\"Indeed, BoarcClic\u2019s research has found that the top 10% of boards in terms of performance also display high board composition scores. Understanding composition helps chairs and nomination committees decide what to focus on to ensure a good balance in the board of directors.\"}),/*#__PURE__*/e(\"p\",{children:\"When too many directors come from the same backgrounds, with the same experiences and the same outlook, the decision-making process can be less open to new ideas and more liable to follow the same paths they have always taken. In a continuously changing corporate landscape, this can result in missed opportunities and even push the company towards a crisis.\"}),/*#__PURE__*/t(\"p\",{children:[\"The\",/*#__PURE__*/e(a,{href:\"https://www.frc.org.uk\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\" UK Corporate Governance Code\"})}),\" states that \u201Cthe board and its committees should have a combination of skills, experience and knowledge. Consideration should be given to the length of service of the board as a whole and membership regularly refreshed.\u201D In other countries, such as France and Germany, there are\",/*#__PURE__*/e(a,{href:\"https://www.forbes.com/sites/avivahwittenbergcox/2021/05/15/france-unanimously-votes-gender-quotas-for-executive-leadership/?sh=2722b46f2b8e\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\" quotas for elements of board composition diversity\"})}),\", such as the gender of board members.\"]}),/*#__PURE__*/t(\"p\",{children:[\"A board composed of diverse directors makes it easier for customers, investors and stakeholders to see themselves being represented by the board. Indeed, many institutional investors like\",/*#__PURE__*/e(a,{href:\"https://www.jdsupra.com/legalnews/state-street-calls-for-board-and-9684582/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\" State Street Global\"})}),\" are starting to demand that issuers release data on board composition in order to gain its votes for chairs of nominating and governance committees.\"]}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/t(\"h3\",{children:[\"Best practices in board composition\",/*#__PURE__*/e(\"br\",{}),\"Assess current board member skills\"]}),/*#__PURE__*/e(\"p\",{children:\"To know the skills gaps that currently exist within the board of directors, you should make an assessment of those competencies already evident. The steps you should take are:\"}),/*#__PURE__*/t(\"ol\",{style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"26px\",\"--framer-text-alignment\":\"left\",\"--framer-text-color\":\"rgb(116, 125, 136)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\"},children:/*#__PURE__*/e(\"p\",{children:\"Understand the skills your board needs, now and in the next years, which will vary from board to board. This should consider future risks and changes in your industry.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\"},children:/*#__PURE__*/t(\"p\",{children:[\"Use a\",/*#__PURE__*/e(a,{href:\"https://www.cgi.org.uk/knowledge/governance-and-compliance/features/june-2017-evaluating-board-skills#:~:text=its%20optimal%20structure.-,A%20skills%20matrix%20helps%20to%20identify%20the%20current%20skills%2C%20knowledge,addressed%20in%20future%20director%20appointments.\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\" skills matrix\"})}),\" to score each director on how they rank for each competency that you identified as essential to your organisation. These might include industry experience, legislative understanding, senior management experience, financial literacy, listening skills, high ethical standards, understanding of stakeholder issues, and anything else you deem important to your business.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\"},children:/*#__PURE__*/e(\"p\",{children:\"You can then look at your skills matrix and work out where you need to strengthen. This might be through recruitment, succession or training.\"})})]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Evaluate board performance\"}),/*#__PURE__*/t(\"p\",{children:[\"One of the best ways to ensure good governance is to \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/blog/how-to-measure-board-effectiveness/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"evaluate your board performance\"})}),\" on a regular basis. You can understand the trends relating to your performance and identify areas in which you need to improve.\"]}),/*#__PURE__*/t(\"p\",{children:[\"Boardclic\u2019s\",/*#__PURE__*/e(a,{href:\"https://boardclic.com/products/board-evaluation\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\" board evaluation platform\"})}),\" offers industry-specific surveys that feature formats based on your company structure and which help you gain clear, honest and useful data on your board performance. You can benchmark director performance against past company data and the industry in general to provide information on how the \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/board-performance/board-of-directors-development/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"board is developing\"})}),\".\"]}),/*#__PURE__*/e(\"p\",{children:\"Boardclic highlights skill gaps, helps clarify strategic objectives and enables you to gain a competitive edge over your peers.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Consider all aspects of board member diversity\"}),/*#__PURE__*/e(\"p\",{children:\"Rightly, there is a focus on board diversity in terms of gender and ethnicity. These are important areas in which to ensure representation. However, you should also consider all aspects of diversity, including socio-economic background and age.\"}),/*#__PURE__*/t(\"p\",{children:[\"On the subject of board member age, Annalisa Barrett of Board Governance Research LLC and Jon Lukomnik from the Investor Responsibility Center Institute\",/*#__PURE__*/e(a,{href:\"https://corpgov.law.harvard.edu/2017/04/06/age-diversity-within-boards-of-directors-of-the-sp-500-companies/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\" carried out research into board age diversity\"})}),\" amongst S&P 500 companies in 2017. They found that the average age of directors was 64.2 years and that fewer than a quarter of boards had an average age below 60.6 years. In addition, the median standard deviation of ages at S&P 500 company boards was 6.9 years, showing that most boards comprised individuals of a very similar age.\"]}),/*#__PURE__*/e(\"p\",{children:\"This is despite the fact that, as the report found, \u201Cpeople from different age groups bring different life experiences and perspectives to the important work done by corporate boards.\u201D\"}),/*#__PURE__*/t(\"p\",{children:[\"Millennials and Generation Z are already\",/*#__PURE__*/e(a,{href:\"https://fortune.com/2021/11/18/millennials-genz-investing-markets-wealth-transfer/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\" investing in increasing numbers\"})}),\", and many will look for companies whose boards better represent them. If your average age is towards the higher end for your industry, encouraging younger board members to join could be beneficial for your diversity profile.\"]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Consider board and committee size\"}),/*#__PURE__*/t(\"p\",{children:[\"There is no set, ideal board size. The right size of a board for your company will depend on your individual circumstances rather than on specific rules for boards. Some studies suggest a smaller board is beneficial to a business, but many boards have to be large to accommodate shareholder representation, independent requirements and other necessities. There are pros and cons of both large boards and small boards.\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{}),\"\u2014\u2014\u2014\u2014\u2014\u2014\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]}),/*#__PURE__*/e(\"h3\",{children:\"Recruit independent directors\"}),/*#__PURE__*/e(\"p\",{children:\"It is important to add independent and non-executive directors (NEDs) to a board for a number of reasons:\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"26px\",\"--framer-text-alignment\":\"left\",\"--framer-text-color\":\"rgb(116, 125, 136)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/t(\"p\",{children:[\"It might be mandated by the local law in the jurisdiction that a proportion of the board or committee is composed of independent directors.\",/*#__PURE__*/e(a,{href:\"https://thelawreviews.co.uk/title/the-corporate-governance-review/netherlands\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\" In the Netherlands\"})}),\" and Finland, for example, the majority of a corporate board must be independent.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"They bring an outside perspective on the company\u2019s strategy that might be missed by people who are too close to the business.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"They can bring individual skills that you are currently lacking.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"They have independent views that offer alternatives to the traditional strategy and can solve internal conflicts or disagreements.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/t(\"p\",{children:[\"They might have business contacts that can benefit the organisation.\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]})})]}),/*#__PURE__*/e(\"h3\",{children:\"Set expectations around tenure\"}),/*#__PURE__*/e(\"p\",{children:\"Low turnover in board membership, caused by long tenures, means that it is difficult to effect change with any agility. However, long tenure on a board can be an indicator of a strong board. This makes setting expectations on tenure tricky. You have to balance the fact that board members want to remain for as long as they feel they can contribute effectively versus the concern of long tenure turning into complacency.\"}),/*#__PURE__*/t(\"p\",{children:[\"Some organisations stick to a\",/*#__PURE__*/e(a,{href:\"https://www.governancetoday.com/GT/Blogs/Board_member_tenure__how_long_is_long_enough_.aspx?WebsiteKey=0cf4306a-f91b-45d7-9ced-a97b5d6f6966\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\" three-term rule\"})}),\":\"]}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"26px\",\"--framer-text-alignment\":\"left\",\"--framer-text-color\":\"rgb(116, 125, 136)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"First board term to learn the job\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"Second term to take a leadership role\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"Third term to mentor and support new board members\"})})]}),/*#__PURE__*/e(\"p\",{children:\"Whatever you decide to proceed with, you should let directors know your tenure strategy when you recruit them. That way, they understand how long they have to contribute to the success of the organisation. It also means you know when you next have the opportunity to add new skills to the board and can plan accordingly.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h3\",{children:\"Create a succession plan\"}),/*#__PURE__*/e(\"p\",{children:\"In order to achieve the most effective board composition with all the skills and competencies that you require, you should put a succession plan in place for the board chair and directors \u2013 executive and non-executive. Prioritise your business goals and develop a talent pipeline that ensures there are high-potential candidates ready to level up your board.\"}),/*#__PURE__*/e(\"p\",{children:\"Succession planning should take a multi-year approach, considering the forthcoming challenges for the industry. Consider how the company\u2019s needs in terms of strategising and leadership will develop over the next five years and build that into your succession management efforts.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Conduct annual board elections\"}),/*#__PURE__*/t(\"p\",{children:[\"Some jurisdictions require directors to be\",/*#__PURE__*/e(a,{href:\"https://www.frc.org.uk/getattachment/88bd8c45-50ea-4841-95b0-d2f4f48069a2/2018-UK-Corporate-Governance-Code-FINAL.PDF\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\" re-elected every year\"})}),\". Even if this isn\u2019t the law where you are based, it can be a helpful exercise to assess whether the current board directors are the best fit for where you want your organisation to be in the future.\"]}),/*#__PURE__*/e(\"p\",{children:\"Annual elections allow you to guard against complacency in board positions and free up space to help you add the necessary aspects to the board that are missing.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:\"FAQs\"}),/*#__PURE__*/e(\"h3\",{children:\"How do you measure board composition?\"}),/*#__PURE__*/t(\"p\",{children:[\"Using a tool like\",/*#__PURE__*/e(a,{href:\"https://boardclic.com/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\" BoardClic\u2019s board evaluation platform\"})}),\", you can create an overview of the composition of the board in terms of the skills, attitudes and experience of your board. You can add this detail to a skills matrix that allows you to visualise your board composition and how it weighs against governance practices in your sector.\"]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"What is the most important element of board composition?\"}),/*#__PURE__*/e(\"p\",{children:\"The most important part of board composition is matching your board\u2019s skill sets with your priorities and goals for the organisation. Your composition efforts have to continuously bring you a stronger and more cohesive board. Rather than concentrating on any one metric, focus on increasing the overall effectiveness of your board and making company performance your target.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"How often should you discuss board composition and succession planning?\"}),/*#__PURE__*/t(\"p\",{children:[\"Board composition and succession can be sensitive topics, as they involve discussing replacing board members. However, it is important that you are able to take the time to develop and \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/board-management/onboarding-process-for-new-board-members/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"nurture new directors\"})}),\" before they are needed. Otherwise, they will struggle to integrate quickly and effectively if the process is too rushed. This means that succession planning should be added to the board agenda of a board meeting and form part of your annual evaluation process at a minimum.\"]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Conclusion\"}),/*#__PURE__*/t(\"p\",{children:[\"We hope these board composition best practices will help you develop your strategy for moving forwards and crafting the most effective board you can with a strong diversity profile. To be able to achieve this, you need to understand what sort of board you want to be and which attributes will best help you achieve that goal. In addition, you should keep the expectations of stakeholders such as shareholders and investors in mind when making the decisions that will affect the \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/corporate-governance/how-to-ensure-good-corporate-governance/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"governance\"})}),\" of your organisation.\"]}),/*#__PURE__*/t(\"p\",{children:[\"BoardClic\u2019s board evaluation platform is designed to help you understand where you stand within the market and what you need to improve the composition of your board. \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/demo-request/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"Request a demo here.\"})})]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"})]});export const richText23=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"When managing and planning for transition, keeping both the outgoing and the incoming CEO aligned with the board is critical. BoardClic\u2019s \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/products/ceo-evaluation\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"CEO evaluation\"})}),\" promotes full transparency, identifies strengths that underpin value and highlights your executive\u2019s capacity to strategise and lead. An objective evaluation is a powerful tool when managing transition. To try BoardClic\u2019s CEO evaluation, \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/demo-request/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"request a free demo today\"})}),\".\"]}),/*#__PURE__*/e(\"p\",{children:\"This article covers how to plan for a transition and includes a checklist to help you find the right candidate and keep momentum in your business during the change.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Why plan for executive transition?\"}),/*#__PURE__*/t(\"p\",{children:[\"Because getting it right is difficult. \",/*#__PURE__*/e(a,{href:\"https://fortune.com/2022/03/11/how-best-fortune-500-ceos-leverage-boards/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"McKinsey and the Center for Creative Leadership\"})}),\" found that 40% of new CEOs fail in their first 18 months. And \",/*#__PURE__*/e(a,{href:\"https://www.ddiworld.com/challenges/ceo-succession\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"DDI Global Leadership Forecast\"})}),\" found that just under half of executive transitions flop. The good news is that you can boost chances of success by up to 25% by promoting talent internally with a robust transition plan.\"]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"A CEO transition plan helps you:\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"26px\",\"--framer-text-alignment\":\"left\",\"--framer-text-color\":\"rgb(116, 125, 136)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"Identify suitable candidates to replace the current CEO\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"Establish processes to prepare an incoming CEO to take over\"})})]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:\"The transition checklist\"}),/*#__PURE__*/e(\"h3\",{children:\"\u2611\uFE0F Engage the CEO AND the board\"}),/*#__PURE__*/t(\"p\",{children:[\"Where once the CEO usually controlled succession planning, often now the responsibility is \",/*#__PURE__*/e(a,{href:\"https://uk.practicallaw.thomsonreuters.com/w-001-4606?transitionType=Default&contextData=(sc.Default)&firstPage=true\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"shared\"})}),\" with the board. CEOs need to look for leadership skills and interest in strategic direction among staff members, because they \u201Care responsible for refining their executive team and ensuring its sustainability,\u201D according to \",/*#__PURE__*/e(a,{href:\"https://www.raconteur.net/c-suite/ceo/ceo-succession-plan/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"Tony Kirschner\"})}),\", a partner at executive search firm Leaders International. Having said that, the board also needs to be active, particularly if the current CEO is uncooperative.\"]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"\u2611\uFE0F Adopt a leadership development mindset\"}),/*#__PURE__*/t(\"p\",{children:[\"If your organisation does not have a tradition of succession planning, CEO transitions can be a delicate matter. Board members may be concerned that by broaching the subject, they appear to be undermining an incumbent. Similarly, a \",/*#__PURE__*/e(a,{href:\"https://hbr.org/2016/09/a-ceos-personality-can-undermine-succession-planning\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"CEO that refuses to accept they will ever need replacing\"})}),\" can prevent effective transition planning.\"]}),/*#__PURE__*/e(\"p\",{children:\"However, the simple fact is that every CEO will move on at some point, and companies with a solid plan are the ones best placed to successfully transition leaders.\"}),/*#__PURE__*/e(\"p\",{children:\"If the board focuses on spotting and preparing next-generation leaders, finding that perfect candidate will be much easier. Plus the new CEO will be well-acquainted with the processes and relationships they need to be successful.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"\u2611\uFE0F Make a contingency plan\"}),/*#__PURE__*/e(\"p\",{children:\"A transition plan works best when a CEO retires, decides to leave of their own accord with standard notice, or reaches the end of fixed tenure. We all know that is not always the case. If a CEO is removed, has to leave immediately, takes ill or dies, you will not have time to complete the usual transition plan.\"}),/*#__PURE__*/t(\"p\",{children:[\"This is why it is important to include continuous development for potential leaders in your strategy. You should also \",/*#__PURE__*/e(a,{href:\"https://hbr.org/2020/05/your-ceo-succession-plan-cant-wait\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"have a contingency plan\"})}),\" where a trusted senior board member or external executive steps in as interim CEO while you search for a permanent replacement.\"]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"\u2611\uFE0F Set your goals and timetable\"}),/*#__PURE__*/e(\"p\",{children:\"To keep all stakeholders on the same page, you should set goals for the new CEO. This helps fine-tune the transition plan to meet the requirements of your specific business.\"}),/*#__PURE__*/e(\"p\",{children:\"Set timelines for introducing the new CEO to new concepts, targets and ideas. What do they need to work on in the first days, weeks and months of their transition? This creates a roadmap to follow to ensure all aspects are covered. It might look something like this:\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"26px\",\"--framer-text-alignment\":\"left\",\"--framer-text-color\":\"rgb(116, 125, 136)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"First week: Start to develop relationships with the board and set expectations.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"First 30 days: Introduce company culture and practices. Consider how to get early wins.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"First 60 days: Work on developing the new CEO\u2019s vision and align it with the organisation.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"First 90 days: Refine vision as it relates to communicating with stakeholders.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"First 6 months: Communicate vision, set development goals.\"})})]}),/*#__PURE__*/t(\"p\",{children:[\"According to the \",/*#__PURE__*/e(a,{href:\"https://hbr.org/2016/12/after-the-handshake\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"Harvard Business Review\"})}),\", many transitions fail because boards set one-dimensional or generic expectations of the new leader that only emphasise financial and operational goals and not specific cultural, political, and personal ones.\"]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"\u2611\uFE0F Update your strategic plan\"}),/*#__PURE__*/e(\"p\",{children:\"If you choose a candidate whose vision differs from your current strategic plan, you should update and align your plan. If you select a new CEO with a different view of the company\u2019s future, chances are this was one of the main reasons they were offered the job.\"}),/*#__PURE__*/t(\"p\",{children:[\"Alternatively, the incoming CEO\u2019s vision may already align with the company\u2019s. In any event, take this opportunity to ensure that all parties are in sync when it comes to where your organisation needs to go. Given changes in technology, demographics and \",/*#__PURE__*/e(a,{href:\"https://marketbusinessnews.com/financial-glossary/market-forces/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"market forces\"})}),\", it makes sense to reassess your strategic plan from time to time anyway.\"]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"\u2611\uFE0F Create a transition task force\"}),/*#__PURE__*/e(\"p\",{children:\"A transition task force can help prepare the ground for the new CEO. The team should manage everything from crafting the job description to keeping key stakeholders in the loop.\"}),/*#__PURE__*/e(\"p\",{children:\"With major changes like a new CEO can create unrest, often caused by leaks and rumours. The task force should keep stakeholders informed of what is happening and why it is happening to mitigate potential concerns.\"}),/*#__PURE__*/t(\"p\",{children:[\"If you have a solid transition plan, the task force can begin building excitement for the upcoming leadership change. The \",/*#__PURE__*/e(a,{href:\"https://www.mercuriurval.com/de-at/institute/insights/ceo-perspective-how-to-build-your-business-by-networking/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"outgoing CEO will have built strong relationships\"})}),\", and these contacts need assurance that someone capable will fill these shoes.\"]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"\u2611\uFE0F Draft an exit announcement\"}),/*#__PURE__*/t(\"p\",{children:[\"A \",/*#__PURE__*/e(a,{href:\"https://www.greatsampleresume.com/letters/business-letters/ceo-resignation\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"CEO resignation letter\"})}),\" can also aid a transition by mitigating worries from internal and external stakeholders. An endorsement from a well-respected predecessor helps encourage acceptance. The exit announcement should show a continuation, rather than the end of one era and a break before a new one begins. Stakeholders want to hear that the two leaders have worked together to make the transition as smooth as possible.\"]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"CEO transition checklist template example\"}),/*#__PURE__*/e(\"p\",{children:\"Here are a couple of more detailed transition checklists:\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"26px\",\"--framer-text-alignment\":\"left\",\"--framer-text-color\":\"rgb(116, 125, 136)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(a,{href:\"https://www.southwestern.edu/live/files/972\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"Transition Checklist 1\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(a,{href:\"https://www.nonprofitnext.org/sites/default/files/resource_library/a_leadership_transition_checklist_rf.pdf\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"Transition Checklist 2\"})})})})]})]});export const richText24=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"The \",/*#__PURE__*/e(\"strong\",{children:\"role of the Chair\"}),\" is increasingly critical for success in a progressively uncertain corporate environment. The CEO and the other board members rely on them to be a trusted sounding board. Chairs face challenges ranging from unforeseen events, such as the pandemic or geopolitical disruption, to climate change and sharper investor scrutiny.\"]}),/*#__PURE__*/t(\"p\",{children:[\"The role of a Chair is a balancing act; to be both leader and follower. Because they have fewer traditional instruments of organizational power, such as unilateral decision-making authority, investment budgets, or a pyramid of subordinates, they must literally lead through others.\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"401\",src:\"https://framerusercontent.com/images/fIFqVTSyWtCGLYCULVSwoxrCwQQ.png\",srcSet:\"https://framerusercontent.com/images/fIFqVTSyWtCGLYCULVSwoxrCwQQ.png?scale-down-to=512 512w,https://framerusercontent.com/images/fIFqVTSyWtCGLYCULVSwoxrCwQQ.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/fIFqVTSyWtCGLYCULVSwoxrCwQQ.png 1200w\",style:{aspectRatio:\"1200 / 802\"},width:\"600\"}),/*#__PURE__*/e(\"p\",{children:\"Six research initiatives have recently examined the role of the Chair based on the study of more than 2,000 Chairs and board directors across the globe. In this article, we explore examples of good practices for successful Chairs that were identified in the research and summarize our findings in four action areas.\"}),/*#__PURE__*/t(\"p\",{children:[\"The Chair is instrumental in \",/*#__PURE__*/e(\"strong\",{children:\"focusing \"}),\"and \",/*#__PURE__*/e(\"strong\",{children:\"engaging \"}),\"the board and CEO\",/*#__PURE__*/e(\"strong\",{children:\" on the issues that matter most, ensuring \"}),\"that key\",/*#__PURE__*/e(\"strong\",{children:\" stakeholders \"}),\"are \",/*#__PURE__*/e(\"strong\",{children:\"understood, \"}),\"and promoting increasingly\",/*#__PURE__*/e(\"strong\",{children:\" dynamic board work \"}),\"to adjust to heightened demands.\"]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"The leading chair of the future excels in four areas\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"26px\",\"--framer-text-alignment\":\"left\",\"--framer-text-color\":\"rgb(116, 125, 136)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/t(\"p\",{children:[\"Engage and \",/*#__PURE__*/e(\"strong\",{children:\"lead the board on the issues that matter most\"})]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/t(\"p\",{children:[\"Engage the board \",/*#__PURE__*/e(\"strong\",{children:\"for effective impact\"})]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/t(\"p\",{children:[\"Engage and \",/*#__PURE__*/e(\"strong\",{children:\"guide the CEO\"})]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/t(\"p\",{children:[\"Engage with \",/*#__PURE__*/e(\"strong\",{children:\"prioritised stakeholders\"})]})})]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h2\",{children:\"Good practices of successful chairs\"}),/*#__PURE__*/e(\"h3\",{children:\"Engage and lead the board on the issues that matter most\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"26px\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"to ensure that the board keeps abreast of current business, actively assessing market insights and frequently sharing news and new trends among members\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"to define an engaging purpose, differentiating strategy, and ambitious, clear goals and agenda for value creation\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"to agree on materiality, key risks, and opportunities that guide company agility\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"to focus on and decisively drive the most critical matters\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"to promote agreement on the board\u2019s role and critical areas of involvement\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"focus on crisis practice and company resilience\"})})]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"276\",src:\"https://framerusercontent.com/images/P8TQFkjXnuHYjNzD3SYc7q6EFSA.png\",srcSet:\"https://framerusercontent.com/images/P8TQFkjXnuHYjNzD3SYc7q6EFSA.png?scale-down-to=512 512w,https://framerusercontent.com/images/P8TQFkjXnuHYjNzD3SYc7q6EFSA.png 980w\",style:{aspectRatio:\"980 / 553\"},width:\"490\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"em\",{children:\"The Chair has an overriding responsibility for a company\u2019s long-term success. The Chair sets company direction, provides general guidance to the board and management, and ensures that the company meets its strategic objectives. The role differs significantly depending on ownership structure. The role is increasingly demanding because staying on top of market insights takes experience, curiosity, and time. Making the appropriate strategic pivots requires courage and ambition. The most successful boards are 11% more focused on what matters most than the average board.\"})]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"Jim Hagemann Snabe, the Chair of Siemens and the former Chair of Maersk, guides his board to spend more time and focus on the future. As one example, he develops a list of 20 questions to inspire an outside-in point of view and sends it to management four months before the annual strategy meeting.\"})}),/*#__PURE__*/t(\"h3\",{children:[/*#__PURE__*/e(\"br\",{}),\"Engage the board for effective impact\"]}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"26px\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"to support a competent, diverse board that invites and listens to outside perspectives\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"to make sure that great questions are asked, fostering quality debates, and summarizing with clarity\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"by holding regular board and CEO evaluations, providing directors with constructive feedback, which drives improvement\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"by making sure there are regular learning opportunities and guides for insights and training, including personal development\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"by establishing key policies and relevant control systems for progress monitoring\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"by establishing effective and dynamic board process, board year, board structures including committees, meeting forms, and informal interactions\"})})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"401\",src:\"https://framerusercontent.com/images/mGGLzaIH2vLznoP40aQSVaFqOXU.png\",srcSet:\"https://framerusercontent.com/images/mGGLzaIH2vLznoP40aQSVaFqOXU.png?scale-down-to=512 512w,https://framerusercontent.com/images/mGGLzaIH2vLznoP40aQSVaFqOXU.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/mGGLzaIH2vLznoP40aQSVaFqOXU.png 1200w\",style:{aspectRatio:\"1200 / 802\"},width:\"600\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"em\",{children:\"Boards have never before had to handle so many diverse topics in the time they have at their disposal. Even if they allot hours to strategy and new issues such as geopolitics, recession, digital disruption, and sustainability integration, it\u2019s never enough. The most common solution is to handle additional topics in committees or form new or temporary committees. Or add meetings. Whatever the solution, the Chair is key to organizing the work to make it effective.\\xa0\\xa0\"})]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"Successful boards are 11% more likely to run annual board evaluations, 12% better at seeking different points of view, and 15% better at giving directors constructive feedback.\"})}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/t(\"em\",{children:[\"The former Chair at Hilti ensures that board members attend a two-day culture camp each year to discuss upcoming culture initiatives at the company.\\xa0\",/*#__PURE__*/e(\"br\",{})]})}),/*#__PURE__*/e(\"h3\",{children:\"Engage and guide the CEO\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"26px\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"to ensure appropriate separation and controls in case of carrying both roles\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"to foster a trusted relationship with open and frequent communication, collecting and providing regular constructive feedback\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"to encourage the CEO and management to be bolder, faster and rethink operating models and foster inclusive and high-performing culture\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"to agree and guide critical performance targets, reporting requirements\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"to suggest CEO development, training and succession planning\"})}),/*#__PURE__*/t(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:[/*#__PURE__*/t(\"p\",{children:[\"to make sure the board agrees on CEO performance and remuneration, and potential actions as a result, including needed hire and fire\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"575\",src:\"https://framerusercontent.com/images/p6kPSEZfn4loQsywvZWZKxN8.png\",srcSet:\"https://framerusercontent.com/images/p6kPSEZfn4loQsywvZWZKxN8.png?scale-down-to=1024 779w,https://framerusercontent.com/images/p6kPSEZfn4loQsywvZWZKxN8.png 876w\",style:{aspectRatio:\"876 / 1151\"},width:\"438\"})]})]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"em\",{children:\"The Chair has a challenging role in leading through others. The Chair works a delicate balance in guiding the CEO, without getting too operational or taking over the job. The Chair also needs to consolidate the board\u2019s view and, in an engaging and trustful way, ensure that the CEO becomes as effective as possible.\"}),/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]}),/*#__PURE__*/e(\"h3\",{children:\"Engage with prioritised stakeholders\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"26px\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/t(\"p\",{children:[\"to take a \",/*#__PURE__*/e(\"strong\",{children:\"broader ecosystem, value chain, and systemic view\"})]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"so that the board monitors insights from stakeholders such as shareholders, customers, employees, society, partners, and suppliers\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"to engage and communicate with prioritized shareholders and other stakeholders\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"to give exposure to broader management and key employees, concerning appropriate development, and succession planning, including grandfather principle at recruitment\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"to help understand the company\u2019s impact on stakeholders, and vice versa\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"to help balance requirements and value between prioritized stakeholders\"})})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"401\",src:\"https://framerusercontent.com/images/v6KXfibxGNuhZLcobRuVXyrJ4gY.png\",srcSet:\"https://framerusercontent.com/images/v6KXfibxGNuhZLcobRuVXyrJ4gY.png?scale-down-to=512 512w,https://framerusercontent.com/images/v6KXfibxGNuhZLcobRuVXyrJ4gY.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/v6KXfibxGNuhZLcobRuVXyrJ4gY.png 1200w\",style:{aspectRatio:\"1200 / 802\"},width:\"600\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"As societal challenges multiply, the role of the board and business as a force for good has dramatically increased. Historically, the Chair has been highly engaged with shareholders, and that role is now expanding to more stakeholders.\"})}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"Paul Bulcke, the Chair of Nestle, has ensured that key stakeholders are represented on the board. For example, when Nestle announced its climate net zero roadmap, the company recruited a professor of food systems to the board.\\xa0\"})}),/*#__PURE__*/e(\"p\",{children:\"In the past, the Chair was chiefly a facilitator in board meetings. Today, Chairs must have a solid understanding of the business and its operations. They must also be able to help (re-)define the company\u2019s vision and strategy and engage with shareholders and other stakeholders. In addition, chairs must be highly skilled in communication, negotiation, and conflict resolution.\"}),/*#__PURE__*/t(\"p\",{children:[\"Sustainability, including climate action, is another essential topic area. The Chair and the board need to understand the issues and recognise which stakeholders are impacted. When exploring the integration of sustainability into strategy, risk and opportunity must be weighed against each other and potential ecosystem collaborations considered. Initiatives must be prioritized so that different stakeholder perspectives are balanced and external commitments shared. Finally, a multi-year plan and the supporting data it needs to progress must be established.\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"401\",src:\"https://framerusercontent.com/images/pHr7z86EFy2yCAPjlIBhjD5tiqE.png\",srcSet:\"https://framerusercontent.com/images/pHr7z86EFy2yCAPjlIBhjD5tiqE.png?scale-down-to=512 512w,https://framerusercontent.com/images/pHr7z86EFy2yCAPjlIBhjD5tiqE.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/pHr7z86EFy2yCAPjlIBhjD5tiqE.png 1200w\",style:{aspectRatio:\"1200 / 802\"},width:\"600\"}),/*#__PURE__*/e(\"p\",{children:\"The Chair is responsible for the continued development of the board, its members, and the CEO. Evaluations and constructive feedback are essential tools and board evaluations are typically carried out yearly to various extent. In some jurisdictions, they are mandatory. Many successful Chairs also ask for evaluations at the end of every board meeting to facilitate open discussion and provide an opportunity for more anonymous feedback. The insights are used both for direct action and to promote more effective board work.\\xa0\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"CONCLUSION\"}),/*#__PURE__*/e(\"p\",{children:\"The role of the Chair is critical for business success. A good Chair can provide invaluable insights, help make difficult decisions, and keep the company on track. It is essential to carefully consider who is best suited for the role. A company can achieve great things with the right person in the position.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/t(\"em\",{children:[\"1.\\xa0\\xa0\\xa0\\xa0 \\xa0\u201C\",/*#__PURE__*/e(\"strong\",{children:\"Board Effectiveness and the Chair of the Future\u201D\"}),\" based on insights from 300 board chairs in 16 countries (Article by Deloitte, July 2022)\\xa0\"]})}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/t(\"em\",{children:[\"2.\\xa0\\xa0\\xa0\\xa0 \u201C\",/*#__PURE__*/e(\"strong\",{children:\"What the world can learn from Nordic\"}),\" boards\u201D based on insights from 300 board chairs, board directors and CEOs in Nordic Countries (Paper by INSEAD, Digoshen and Scandinavian Executive Institute, June 2022)\"]})}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/t(\"em\",{children:[\"3.\\xa0\\xa0\\xa0\\xa0 \\xa0\u201C\",/*#__PURE__*/e(\"strong\",{children:\"Leading a board; Chairs\u2019 practices across Europe\"}),\"\u201D insights from 1195 chairs, board directors and CEOs across Europe (Book by INSEAD, Digoshen and a group of other European INSEAD partners, 2021)\\xa0\"]})}),/*#__PURE__*/t(\"ol\",{start:\"4\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"26px\",\"--framer-text-alignment\":\"left\",\"--framer-text-color\":\"rgb(116, 125, 136)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\"},children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/t(\"em\",{children:[\"\u201C\",/*#__PURE__*/e(\"strong\",{children:\"The critical role of the Board Chair in Driving Board Performance\"}),\"\u201D insights from 1100 chairs and board directors from 41 countries (Article by Russel and Reynolds, July 2022)\"]})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\"},children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/t(\"em\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Reinterpreting the role of the board of directors\"}),\" (Deep interview with three chairs by London Business School Aug 2022)\"]})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\"},children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/t(\"em\",{children:[/*#__PURE__*/e(\"strong\",{children:\"The Chairpersons\u2019 guide to a just transition \"}),\"(A guide by Deloitte, World Economic Forum together with Climate Change Initiative, Sep 2022)\"]})})})]})]});export const richText25=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"What BoardClic has found from working with our partners across a range of industries is that boards work less now. One explanation for this phenomenon could be increased effectiveness in their operations. For example, many chairs delegate procedural matters to their vice chair, freeing them up to tackle their other tasks.\"}),/*#__PURE__*/e(\"p\",{children:\"This article explores how your board can adapt to life after the pandemic and flourish in what is now termed the \u201Cnew normal\u201D.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"How the pandemic influenced boards\"}),/*#__PURE__*/t(\"p\",{children:[\"Paul Anthony of Grant Thornton writes about how the pandemic affected boards and businesses in general. He talks about the speed with which companies were able to make changes in order to ensure operational continuity. But, he says, that meant that \",/*#__PURE__*/e(a,{href:\"https://www.grantthornton.co.uk/insights/assurance-helps-deliver-robust-organisational-change/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"some governance and process factors had to take a back seat\"})}),\".\"]}),/*#__PURE__*/e(\"p\",{children:\"Anthony says \u201Cthe sacrifice in governance created internal tensions. There were many instances where the defined process was not followed, and risk appetite in change delivery was exceeded.\u201D\"}),/*#__PURE__*/t(\"p\",{children:[\"There was a lot for boards to consider as the pandemic took hold. \",/*#__PURE__*/e(a,{href:\"https://fortune.com/2021/11/04/covid-corporate-boards-changes/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"Fortune illustrates some of the drivers of change\"})}),\" that the boardroom had to tackle:\"]}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"26px\",\"--framer-text-alignment\":\"left\",\"--framer-text-color\":\"rgb(116, 125, 136)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"New strategic priorities\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"Remote work\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:\"Social pressure\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"16px\",\"--framer-line-height\":\"1.8em\"},children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(a,{href:\"https://boardclic.com/board-evaluation/boardclic-launches-esg-maturity-assessment/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"Environmental, social and corporate governance (ESG) matters\"})})})})]}),/*#__PURE__*/t(\"p\",{children:[\"Helena Wayth, CEO of sustainability consultancy A Bird\u2019s Eye View, \",/*#__PURE__*/e(a,{href:\"https://www.weforum.org/agenda/2020/09/resilience-drive-shift-stakeholder-capitalism/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"writing for the World Economic Forum\"})}),\", reports that a majority of board members felt the pandemic would change the roles and responsibilities of corporate boards. She puts that down to three ways in which directors are reconsidering how they work. Her report says these adjustments are:\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CFirst, in the context of oversight and strategy; second, in terms of operational resilience and long-term sustainability of business models; and thirdly, how they can satisfy a broader set of stakeholders and build a more inclusive economy, supporting the shift to stakeholder capitalism.\u201D\"})}),/*#__PURE__*/t(\"p\",{children:[\"In addition, board meetings went either fully virtual or \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/corporate-governance/virtual-board-meetings/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"adopted a hybrid model\"})}),\" to allow directors to distance and join in events whilst isolating or subject to travel restrictions.\"]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"What makes an effective board of directors?\"}),/*#__PURE__*/e(\"h3\",{children:\"Diversity\"}),/*#__PURE__*/t(\"p\",{children:[\"There has been a particular focus on diversity in terms of ethnicity and gender as a result of the Black Lives Matter movement and \",/*#__PURE__*/e(a,{href:\"https://metoomvmt.org/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"#MeToo\"})}),\", but board diversity extends beyond that. It also encompasses age, skill sets, experiences, background, location and much more.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(a,{href:\"https://www.accaglobal.com/ie/en/student/exam-support-resources/professional-exams-study-resources/strategic-business-leader/technical-articles/diversifying-the-board.html#Definition-of-board-diversity\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"ACCA states that\"})}),\" \u201Cboard diversity aims to cultivate a broad spectrum of demographic attributes and characteristics in the boardroom.\u201D\"]}),/*#__PURE__*/e(\"p\",{children:\"A more diverse board brings more fresh perspectives on tackling problems and creates bold strategies to drive the business forward. That\u2019s why your board composition makes a real difference. BoardClic found that the top 10% best performing boards consistently display a high score in board composition. This makes it imperative that boards understand where they stand on diversity and in which direction they need to move to aid the balance and effectiveness of the board.\"}),/*#__PURE__*/t(\"p\",{children:[\"One of the benefits of businesses \",/*#__PURE__*/e(a,{href:\"https://www.ibabs.com/en/board-meetings/board-meetings-virtual-board-meeting-template/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"embracing virtual meetings\"})}),\" and collaboration in the wake of COVID-19 is that you can cast the net wider to find directors who will fill the gaps in your board composition without having to consider their commuting distance.\"]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Independence\"}),/*#__PURE__*/t(\"p\",{children:[\"Although some industry leaders, such as the \",/*#__PURE__*/e(a,{href:\"https://www.cfainstitute.org/en/advocacy/issues/board-independence#sort=%40pubbrowsedate%20descending\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"CFA Institute\"})}),\", advise that boards should have an independent majority, this is far from a universal truth. The optimal proportion of independent board members depends on your business circumstances, where you are in your market life cycle, your niche and other related factors.\"]}),/*#__PURE__*/e(\"p\",{children:\"A board does need members who can avoid conflicts of interest and are not afraid to move away from the received wisdom of the business. At a time of crisis, such as the recent pandemic, being agile and flexible is essential to taking on new challenges and succeeding.\"}),/*#__PURE__*/t(\"p\",{children:[\"Even post-pandemic, the \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/blog/esg-compliance/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"challenges of ESG compliance\"})}),\" and new tech developments require independence of thought to inform strategic decisions that are in the best interests of the company and its investors.\"]}),/*#__PURE__*/e(\"p\",{children:\"However, you must take great care in recruiting independent board members. This involves detailed outlining of roles and requirements and seeking out candidates with sufficient gravitas, as well as the background and personality to suit the company and its board.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Individual accountability\"}),/*#__PURE__*/e(\"p\",{children:\"One way of delivering independence is to instil the notion of individual accountability in board members. If directors are accountable for their own decisions and actions, they are more likely to challenge the board if they disagree with the business\u2019 direction. By contrast, this is less likely to happen in a culture of collective accountability where it is easier to sit back and stay quiet even if the director disagrees with the majority.\"}),/*#__PURE__*/t(\"h3\",{children:[\"Individual accountability is becoming a regulatory requirement around the world, with legislation mandating companies, particularly in the financial industry, to instigate it. Here are a few examples:\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{}),\"\u2014\u2014-\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{}),\"Long-term vision\"]}),/*#__PURE__*/t(\"p\",{children:[\"FCLTGlobal found that \",/*#__PURE__*/e(a,{href:\"https://corpgov.law.harvard.edu/2019/04/19/the-long-term-habits-of-a-highly-effective-corporate-board/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"companies with a long-term vision\"})}),\" outperform their short-term rivals on both financial and non-financial metrics and with less volatility. This culture can and should be driven by the board of directors.\"]}),/*#__PURE__*/e(\"p\",{children:\"Although many boards tend towards short-termism, often based on the necessity of dealing swiftly with compliance concerns, market drops and activist investors, Ariel Fromer Babcock of FCLTGlobal argues that a long-term vision actually works in the board\u2019s favour.\"}),/*#__PURE__*/e(\"p\",{children:\"She says \u201Cbuilding a strong board with a committed long-term focus can help insulate companies from some of those short-term concerns. For instance, boards with an established record of long-term leadership will find more allies in a fight against activist shareholders and have more credibility when claiming that a dip in earnings is likely to be short-lived.\u201D\"}),/*#__PURE__*/e(\"p\",{children:\"During the COVID-19 pandemic, the boards with a long-term vision were more able to be resilient when faced with the resulting short-term volatility.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Robust succession planning and onboarding processes\"}),/*#__PURE__*/e(\"p\",{children:\"Succession planning for your leadership roles is essential if you are to facilitate smooth transitions that maintain the momentum of your board and, therefore, the company. The COVID-19 pandemic has created even more urgency for directors to ensure their succession protocols are as robust as possible.\"}),/*#__PURE__*/e(\"p\",{children:\"Coronavirus showed us that the likelihood of directors suddenly not being able to carry out their duties was very real indeed. Had CEOs, board chairs and other senior executives been taken ill or even died in post, those boards that took succession planning seriously would have had an advantage over their peers who did not.\"}),/*#__PURE__*/t(\"p\",{children:[\"Having a strong bench ready to step into your senior roles means that you do not need to worry about how the board will function effectively in times of crisis. And \",/*#__PURE__*/e(a,{href:\"https://boardclic.com/board-management/onboarding-process-for-new-board-members/\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"fine-tuning your onboarding processes\"})}),\" to help new board colleagues hit the ground running is a natural extension of this.\"]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Regular evaluation\"}),/*#__PURE__*/e(\"p\",{children:\"Of course, you need some way of measuring how your board is performing in these important areas, and that is where regular board evaluations come in.\"}),/*#__PURE__*/e(\"p\",{children:\"Through regular evaluation of your board, you can measure performance against your own benchmarks and those of your peers. It helps you identify skills gaps, create an open and transparent culture, clarify strategic objectives and align the board as a whole with the CEO.\"}),/*#__PURE__*/e(\"p\",{children:\"A board that continually evaluates itself is one that is committed to improving and fine-tuning its functions for the benefit of the company and its stakeholders.\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(a,{href:\"https://boardclic.com/products/board-evaluation\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"BoardClic\u2019s Board Evaluation platform\"})}),\" makes this task quick and effortless. Our library of best-practice questionnaires provides a variety of online content to fit every organisation and industry. You can combine it with your interview questions to really get to the heart of evaluations. The easy-to-use dashboard suggests survey questions that are proven to elicit useful responses from directors. BoardClic creates interactive, customisable reports to allow you to visualise the data you capture in a way that helps you take action and make real, positive differences to the way your board works.\"]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:\"Challenges to board effectiveness\"}),/*#__PURE__*/e(\"h3\",{children:\"Lack of clarity\"}),/*#__PURE__*/e(\"p\",{children:\"Without clarity over roles within the boardroom and of the board itself, directors can struggle to work effectively. Make sure that board members understand why they are a part of the board and how they can contribute most effectively to a higher board and business performance.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Poor culture\"}),/*#__PURE__*/t(\"p\",{children:[\"Erik van de Loo, INSEAD Affiliate Professor of Organisational Behaviour, and Jaap Winter, INSEAD Visiting Professor of Corporate Governance, \",/*#__PURE__*/e(a,{href:\"https://knowledge.insead.edu/leadership-organisations/corporate-culture-is-an-alarmingly-low-priority-for-boards-7676\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"wrote that\"})}),\" \u201Cthe importance of having a strong corporate culture has been well documented. From upholding ethics to driving innovation, organisational performance can be very much influenced by cultural aspects, such as values, mission, communication and the prevailing organisational atmosphere.\u201D\"]}),/*#__PURE__*/e(\"p\",{children:\"Failure to devote enough time to developing this positive board culture can be detrimental to the effectiveness of the board.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Lack of alignment\"}),/*#__PURE__*/e(\"p\",{children:\"To be able to sell a company strategy and work towards goals efficiently, there needs to be aligned within the boardroom on the direction of travel. Without this, board members will be pulling in many different directions, causing the business to lose focus. It is only natural that company performance will drop in such an environment.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Poor team dynamics\"}),/*#__PURE__*/e(\"p\",{children:\"A corporate board is a team. It may be filled with diverse individuals who take individual accountability, but in order to reach effective decisions, the component parts must be able to work together. The board must be respectful even in disagreement and be able to amicably reach a consensus. This can occur only by creating the right dynamics when recruiting individual board members.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Lack of training\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(a,{href:\"https://asq.org/quality-resources/continuous-improvement#:~:text=Continuous%20improvement%2C%20sometimes%20called%20continual,breakthrough%22%20improvement%20all%20at%20once.\",motionChild:!0,nodeId:\"LirKPvwBI\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(r.a,{children:\"Continuous improvement\"})}),\" should be the watchword of effective boards. There is always an advantage to be had in adding new skills and brushing up on existing competencies. A board that doesn\u2019t indulge in training will stand still, and that is not beneficial to the company.\"]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:\"FAQs\"}),/*#__PURE__*/e(\"h3\",{children:\"How important are independent directors?\"}),/*#__PURE__*/e(\"p\",{children:\"Having independent directors on the board provides reassurance to investors that there is someone who is able to challenge the potential status quo of the \u201Cinsiders\u201D.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"How often should you evaluate your board?\"}),/*#__PURE__*/e(\"p\",{children:\"An annual board evaluation provides an ideal window in which to monitor effectiveness and make necessary changes in good time. In the event of a major issue such as COVID-19, you might want to evaluate again after the initial storm. This will enable you to check that you are on the right track to emerge from these extraordinary circumstances in the most productive manner possible.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"How can you measure board effectiveness?\"}),/*#__PURE__*/e(\"p\",{children:\"Regardless of the tools and processes you may use, strive to measure board effectiveness with a data-driven approach. This is the most reliable way to know where your board stands.\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:\"Conclusion\"}),/*#__PURE__*/e(\"p\",{children:\"Although COVID-19 provided some stormy times for businesses, it has taught us a number of lessons that we can take forward. The pandemic may well have shifted the traditional definition of what makes an effective board of directors, but it has also given us the tools we need to improve and develop boards so that they are prepared for other extraordinary occurrences in the future.\"})]});export const richText26=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"The second seed funding round, which was oversubscribed, was led by \",/*#__PURE__*/e(\"strong\",{children:\"Subvenio, Curitas Ventures \"}),\"and\",/*#__PURE__*/e(\"strong\",{children:\" Brofund Equity.\"}),\" This latest investment means BoardClic has raised \u20AC\",/*#__PURE__*/e(\"strong\",{children:\"3.6 million\"}),\" to date.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Monica Lagercrantz, Co-founder and CEO of Boarclic, \"}),\"said: \",/*#__PURE__*/e(\"em\",{children:\"\u201CBusinesses must now follow an ever increasing amount of corporate codes and regulations. This, in turn, means that global organisations must maintain exceptional stakeholder engagement and corporate governance structure, in order to maintain high governance standards. The modern boardroom is increasingly dynamic, and tasked with a growing and complex responsibility. The market lacks sophisticated, data-driven, cost-efficient tools to track compliance, effectiveness, and alignment in boards and the C-suite. BoardClic, promoting the G in ESG, fills that void.\u201D\"})]}),/*#__PURE__*/e(\"p\",{children:\"BoardClic\u2019s tech-led solution provides a library of best practice formats and benchmarking that let customers conduct advanced digital evaluations that are time and cost-efficient and meet local regulations. 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The product is sold via a subscription-based model, giving the customer and its users unlimited access to the product.\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Mikael Ahlstr\\xf6m, Chairman\"}),\" of \",/*#__PURE__*/e(\"strong\",{children:\"Curitas Ventures, \"}),\"said of their investment in BoardClic: \",/*#__PURE__*/e(\"em\",{children:\"\u201CThe progress that BoardClic has made to date, in helping a wide array of companies across Europe to improve and streamline their processes at board and management team levels, has been impressive.\"})]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/t(\"em\",{children:[\"\u201CGiven BoardClic\u2019s vision of leveraging digitalisation and relevant data to create real tangible value for boardrooms, and its commitment to ESG, our decision to join forces with them was a natural one. 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