Born with It: Traits of a Youth Entrepreneur
Some people think very differently and have gifts and abilities that are evident quite early in life. We see young people who excel in the arts, science, mathematics, technology, and …
My premise is simple: better boards equal better companies.
The market is demanding increased transparency and accountability. New compliance mandates, regulation and shareholder activism are the drivers. At the same time, boards and their constituencies are clamoring for more strategic engagement and value-add by the directors. Yet, this is in stark contrast to the drumbeat for compliance and regulation. How can boards balance the pressures from their attorneys, auditors and regulators to be risk averse (read: safe) with Wall Street calling for creativity, innovation and job creation?
Often this is corporate speak for “there are no available women who are CEO’s of the largest multinational companies.” Traditionally, the majority of corporate directors have been drawn from two sources: active and retired CEOs. At the best boards, this model is passé. Diversity encompasses discipline, age, responsibilities, geography, and culture. Almost no board consists only of CEOs — nor should they. I challenge you to name a well thought through profile for a director that cannot be filled by a woman.
Not true. Those may be the only potential directors known to the board, the directors who tend to be recycled, because they are safe and because they are visible. Too often, women not yet on board are essentially invisible. Carly Fiorina, former CEO at Hewlett-Packard, and now Meg Whitman, is undoubtedly overwhelmed with board offers. Two Hispanics were recruited to the Wal-Mart board, and their board books will fill up quickly. But, many productive, excelling women and minorities tend to be overlooked because they are less visible as a result of focusing on career development and building their businesses. Their relative newness to their position, the fact that they tend to be younger and don’t belong to the same organizations that the men do, the fact that they may have grown their own business, the likelihood that they are not included in the high-powered golf games of directors, all diminish the likelihood that a CEO or director seeking a board member will know them or seek them out. Women with strategic experience and perspectives in numerous companies and industries can be invaluable.
Help other women. – Public companies led by women are more likely to have more women directors on their boards. All have at least two (including the CEO herself), and several have as many as five or six female directors. The average number of women directors in women-led companies is 3.7 (including the CEO), versus 1.6 for all S&P 500 companies. The dramatic untold stories are the 100s of companies, public and private, that have avoided crises and have succeeded, because of the advice and counsel of strategic, diversified boards of directors.
If we don’t govern well, government and the regulators will do it for us.
Better boards = better companies.
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