Management and Board audit
Our client, a listed Swedish company with operations in Northern Europe and with a total staff of c. 2,500 employees, has a stable and successful management and has reached or exceed market expectations for many years. While there were no recent problems or failings nor major risks in the foreseeable future, the chairman and the board of directors identified the long-term benefits of taking this time to expand the annual management and board review.
Alumni was during the early summer engaged to design a process together with the chairman and the CEO, which would allow for a thorough and comprehensive review of the current senior executive team, succession candidates as well as the board of directors in a co-ordinated approach.
Together with Alumni, the chairman and the CEO identified the participants (all members of the executive management team, the strongest succession candidates as well as all members of the board). We also defined the criteria to be reviewed (based on core leadership skills identified by Alumni and Alumni's model for successful board work) and how the process would be communicated and managed.
During the summer and autumn months, Alumni met 23 senior executives assessing both their functional expertise and their general leadership qualities. This allowed our client to receive an in-depth understanding of the individual skills of the different executives, and furthermore a group-analysis of where its senior management had strengths and areas for development.
During the autumn, Alumni also reviewed the full board focusing on the identified key aspects of a well-functioning board. This provided the board and its chairman with valuable insights into the board's strengths and areas for development. Furthermore, the nominating committee was provided with an in-depth understanding of the board composition when preparing its nomination for the AGM the following year.
Subsequent to this comprehensive project, Alumni was engaged to recruit three new directors to the board over two years as well as continuous assessments of senior executives. Currently there is an open discussion on further development initiatives.
Posted on April 13, 2016 1:10 PM | Permalink