MIoD provides members with roadmap for good governance & strategic leadership
According to Kim Andersen, a Fellow at the the Mauritius Institute of Directors, the board of directors is the brain of the company and if the strategy is not good, the company will not perform well. (Image: Marie-Lorry Coret)
The Mauritius Institute of Directors (MIoD) organised a full day workshop yesterday December 2, 2014, at the Labourdonnais Waterfront Hotel with the aim of providing deeper insights into the strategic planning process as well as good governance of strategic leadership.
The training facilitator for the day, Jane Valls, supported by her guests, Kim Andersen, trainer on ethics, leadership and corporate governance, and Sridhar Nagarajan, CEO at Standard Chartered Bank, Mauritius, also differentiated the strategic path of organic growth.
The workshop provided an overview of the strategic options available to companies and their board’s role in strategic governance.
It also explained how the board of directors of a company should identify the key factors that affect the organisation, and set priorities.
Accordingly, the MIoD training facilitators outlined the best practices for the formulation of a strategy and explained how to take into account the risk factor and tolerance.
In this age of globalisation, the business world has experienced exponential acceleration resulting in a rapid and significant growth of all management levers.
At the same time, companies have seen a boom of their activities in an environment with more competitors.
This movement has generated interest in developing a winning strategy for corporates, and it must be noted that a company must strategise to lead the market today as an out-and-out necessity, and certainly not as a luxury it may choose to indulge in if it has the time and resources.
At the same time, without careful monitoring of standards of good governance, the very concept of such strategy is futile.
Good governance enables companies to establish a rigorous process of checks and balances at all levels of a company.
With globalization being a key catalyst, companies must now comply with international standards of good governance.
Nowadays, it is imperative to comply with good governance while developing a business strategy.
A company that adheres to strategic governance shows the most convincing sign that it is involved in improving its principles, its values and its management.
The Board of Directors determines the guideline and the strategy by establishing the vision, mission and core values of the company.
A case study on strategic governance and the analysis of the business environment were addressed in order to help participants to understand better the importance of strategic governance.
In order to help its members, the MIoD suggested the tools to analyze the strategies and practices relating to strategic planning.
“Companies often think that good governance will stop at writing reports in support of the administration. It is much more than that. I will say that it should become the basis for business strategy, so that it ensures sustainability of the company and more than that, sustainable development of society,” Jane Valls, CEO at MIoD, stated.
She added that the elements developed will together help the participants to chart a roadmap, that will serve as a real-time dashboard to ensure the company’s success.
Next up was Kim Andersen, a Fellow of the MIoD, who works closely with the MIoD to lead master workshops, board assessments, ethics risk assessments and advisory services.
According to Kim Andersen, the board of directors is the brain of the company and if the strategy is not good, the company will not perform well.
Kim Andersen mentioned the benefits of developing a strategy and some of them are: to encourage the board to accept the need for change and to better prepare for it; to provide direction, focus, and motivation; and to improve inter-functional relations through shared goals and clear objectives.
Finally, this enriching session allowed members to assess the performance of their organisations, and to gear up for better corporate governance and strategic leadership.
- By Marie-Lorry Coret