In this episode of Board Dynamics, Dorrit engages in a thought-provoking conversation with Charles Stonehill, a seasoned board member with extensive experience across various industries and countries. Dorrit and Charles explore the evolving dynamics of boardrooms since 2005, highlighting the increasing complexity of business challenges, the importance of diversity, and the necessity for effective committee structures. Charles shares insights on the responsibilities of board members, the significance of onboarding, and the need for open dialogue and challenge within board discussions.
KEY TAKEAWAYS
Evolving Board Dynamics: Over the past two decades, board dynamics have shifted significantly, with a greater emphasis on diversity, expertise, and the need for boards to reflect the complexities of modern business environments.
Importance of Committees: Committees are becoming essential in the board structure, serving as the "engine room" where detailed discussions and analyses occur.
Onboarding Process: A thorough onboarding process is crucial for new board members to understand the company, its culture, and the specific dynamics of the board.
Challenging Conventional Thinking: Board members should be prepared to question established practices and think critically about decisions. This mindset is vital for navigating the rapidly changing business landscape and ensuring long-term shareholder value.
Equal Voice in Decision-Making: Every board member, regardless of tenure or background, should feel empowered to express their opinions and concerns.
BEST MOMENTS
"It takes time to become a good board member and a comfortable board member."
"The world's become more turbulent. We've had shocks in the financial system, politically, and geopolitically."
"Boards should not move as a herd. Every board member is independent of every other board."
"If you feel strongly about something, you should always express that and insist that your voice is heard."
"You should always be prepared to challenge conventional thinking."
OUR LINKS
https://www.linkedin.com/in/dorrit-kromann-29b4041/
https://kromanns.com/en/
HOST BIO
Dorrit Kromann uses her competent network to provide solutions to real problems in boards. Dorrit is experienced in organisational development, going from turnarounds in hospitals to the growth of IT start-ups. From the board experience, Dorrit has used the psychodynamic organisational psychology to onboard, understand and solve any board challenge, going from how to recruit new members to business challenges to conflicts of interest.
PODCAST DESCRIPTION
Have you ever been stuck in a challenge in a board meeting? Have you ever felt unheard in a board meeting? Have you ever thought that the business and strategy go in the wrong direction? Have you ever had a suspicion that something was wrong in the company?
Board Dynamics podcast will take you through some cases showing these challenges, analyse the cases and tell you what to do in such situations.