THE 3 MOST CRITICAL ISSUES FOR BOARD DIRECTORS.

Author:Catalano, Christina
Position:BOARDS
 
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Being a board director can be one of the most gratifying and satisfying roles within a corporate. The opportunity to work with a robust group of people, to create new ideas, and direct a company into prosperity is priceless.

CURRENTLY IN 2018, Latino participation has progressed and has become mandatory. The influence of Latinos in economy and market is obvious, and that means Boards should reflect what is apparent. Representation, in all spectrums, is vital to keeping a company constantly innovating. Company identity and culture is also at the forefront. Principals, values, characteristics, or what we like to call the DNA, is integrals

According to John Miller, the CEO of Denny's, that is exactly what they do at Denny's, "We start every single meeting, we end every meeting, we end every conference with strong principles--we literally open and close every meeting with one of our guiding principles as an organization."

When it comes to tackling challenges, keeping a stable culture with transparent principles and a full and clear identity may be the make-or-break factor.

John Miller

CEO of Denny's

[i] "Safety, profit, and regulations are talked about at monthly board meetings. So why don't we talk about people matters every month? Good companies do."

CEO SUCCESSION

MANY TIMES, companies look to the CEO, but ensuring that there is a CEO succession strategy in place is a problem for many companies. Considered one of the most important decisions for a Board, CEO succession is a highly-critical process with three levels: CEO Selection, CEO Succession, and CEO Retention.

In Jamie Montemayor's view, it is important to have a strategy in place. "Having a solid strategy for the future is extremely important because if that is clear, it is much easier to identify the right set of candidates to consider for that job, down the road." As a group, board directors work to establish the direction a corporation should take. The DNA of a company comes into play heavily when it comes time to initiate the search for the next CEO.

To Grace Lieblein, the proper system in place for a successful CEO succession is a top priority of the company because it sets the tone for the future. "One of the first steps for the Board is to define what are the most critical characteristics for the future CEO. It's important to note that the Board should be looking at the direction that the company is going in the future, vs. where they are today, and what characteristics will be...

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