Embracing Leading Practices in Corporate Governance to ... › resources › Documents ›...
Transcript of Embracing Leading Practices in Corporate Governance to ... › resources › Documents ›...
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Embracing Leading Practices in Corporate Governance to Enhance Regulatory Performance
Elizabeth Watson, QC | WATSON
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What Does Governance Mean?• Technical Definition: The way organizations
are managed, controlled and held to account
• Working Definition: The way people work together to achieve success
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• Strategy, plans, budget• Risk & Controls• Leadership• Reg/Op Performance• Ethics & Compliance• Major Policies• Stakeholder
Engagement
• Recruitment• Leadership• Orientation• Education• Evaluation• Succession
Framework• Forward
Calendar• Agendas• Meetings
• Board Size• Board
Composition• Term Limits
Process StructureContext• Legal• Environment• Sector• Emerging
Practice
Dynamics• Values• Behaviour• Decision making
• Board Leadership• Committees• Roles and
Responsibilities
• Information• Review
Processes
• The “Line”• Council/Management
relationship• Council/Committee
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Effective Governance1. Alignment2. Competent leaders 3. Clear roles and responsibilities4. High quality decision-making
(Stewardship, Meetings)
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Effective Governance5. Positive Culture6. Constructive relationships7. Transparency8. Feedback loop
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The most effective Boards intentionally design their approach to governance, considering:
What substantive issues require the Board’s attention?
What is the Board’s role with respect to each issue?
How can the Board be the most effective in carrying out its responsibilities?
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Top Trends that can strengthen regulatory bodies
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#1. Intentional Approach to Council Composition
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#2. More diverse Councils and organizations
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#3. Redefining the Council Chair role• Role description (responsibilities
+ competencies)• Longer term • Succession planning to get the
best person• Selection process • Annual evaluation and feedback
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#4. Evolving Board StructureExecutive
Committee
Governance Committee
OperationalCommittees
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Launch
AlignEngage
#5. Managing the Registrar Lifecycle
Transition
Reg. successionReg. transition
Reg searchOnboardingEstablishing relationship
and expectations
Aligning on strategy, plans and goalsReg. evaluationReg. reward
Guidanceand supportReg. developmentEffective Board-Reg.
dynamics
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Professional Chair-Registrar Relationship• Mutual Expectations Agenda
– What does organizational success look like?
– How will governance work? – What are our expectations of
each other? – How will we manage our
relationship?
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Registrar Evaluation: Objectives Alignment on what success looks likeConsensus view on Registrar’s overall performance, strengths and weaker areasProvide meaningful feedbackPrompt discussion on development and succession
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Registrar Evaluation Process Define the Criteria
Decide who will give input
Gather input
Prepare and Discuss Findings
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#6. Develop the Council--Mgmt. Relationship
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CouncilManagementTeaming Exercise
Who we are•Purpose•Perspectives•Accountability
What we do•Results•Decisions•Action
How we do it•Energy•Trust•Openness
How we are enabled
•Boundaries• Supports• Learning
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#7. Feedback on Council Performance– Independently facilitated at
least every 3 years– Interviews (vs. surveys)– Include management feedback– Dedicated session to focus on
results – Council goals and follow up
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#8. Individual Peer Feedback • How does this individual add value? • What might get in the way?• What suggestions for greater impact?
Behaviour
Engagement
Skills
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#9. More thought into designing meetings• Forward Calendar• Agenda design• Future focused • Committee reporting• Replace Roberts Rules
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#10. Governance Professional
• Focused on governance and relationships• Liaison between Council and Registrar• Manage Council’s work
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Thank You