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Boards That Excel by B. Joseph White

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CHAPTER 4

Do the Right Things

The Substance of Great Governance

Earlier I asked the question, “What is great governance?” In this chapter and the next, I answer the question in detail.

Experience and research point to a top-ten list of things a board must do for management and the organization to thrive:

1. Set high performance aspirations and a proper tone at the top

2. Appoint an excellent leader and plan for succession

3. Help develop and approve a winning strategy

4. Approve annual and long range plans and monitor results

5. Create incentives for desired performance

6. Ensure quality financial reporting and effective internal controls

7. Oversee a balance sheet with ample liquidity and prudent debt

8. Oversee enterprise risk

9. Be vigilant ...

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