Hugessen Consulting advises and supports Boards in an area where their effectiveness is scrutinized by shareholders, regulators, and the public: the design and disclosure of executive compensation programs and the alignment of compensation outcomes with organizational performance.
Throughout our nearly 15 years of supporting Boards and HR Committees, our clients have sought advice and support in other areas of Board Effectiveness, including CEO Performance Management and Board Evaluation.
We are pleased to announce that Dr. Peter Stephenson has joined Hugessen as a Partner and will help our clients navigate these challenges. Peter’s expertise will expand our support for Boards in improving their effectiveness, specifically in their management of CEO performance and in raising the bar for their own performance. Peter is an organizational psychologist, management consultant and trusted advisor to Boards, CEOs, and executive teams.
Three practical steps Boards can take to boost their effectiveness include:
- Assess competence through the lens of the company’s strategy
- Does the Board have the skills and experience necessary to contribute to achievement of the strategy?
- Is the Board structured appropriately to support management in achieving the strategy?
- Does the Board have the leaders it needs to help achieve the strategy?
- Clarify expectations and provide directors with feedback
- High-performing Boards are thoughtful and intentional about engaging all directors and the CEO in defining a culture that will ensure the Board can both drive and oversee strategic execution and value creation.
- Having defined culture and expectations of directors, one of a Board’s most powerful tools for improving performance is implementing a director peer feedback process that provides directors useful insights about their contributions.
- Develop an annual plan to enhance the Board’s effectiveness
- High-performing Boards also commit to challenging themselves to continually “raise their game.”
- Boards benefit from focused, relevant, and engaging Board self-assessments and upward feedback from the CEO and senior executives.
- Independent resources supporting this process can be key for success.
Please contact any professional at Hugessen Consulting if you would like to learn more about the support we can now provide you in improving your Board’s effectiveness.