A board composition matrix identifies the skills, knowledge, experience and capabilities desired of a board to enable it to meet both the current and future challenges of the entity.
The creation of a board skills matrix is an opportunity for considered reflection and productive discussion on how the board of directors is constituted currently and also how it believes it should best be constituted in the future to align with the strategic objectives of the entity. The board skills matrix should always be tailored to the unique circumstances and requirements of the company concerned.
While developing your matrix, the trick is to focus on actions needed. Consider what people will do rather than what people are. This can be done by asking two questions:
a) What are the three most important things for our board to accomplish this year?
b) Do we have the right people on the board to make those happen?
Our second installment of the board composition matrix mini-series welcomes Gina Luna to the discussion. Gina has extensive experience in the boardroom and currently serves on 4 different boards (3 private 1 public) as well as serving as the CEO of Luna Strategies, LLC a consulting company that advises companies on key strategic initiatives and complex issues.
In today’s episode, Gina shares with us her knowledge of strategic planning and in what ways a strategic planning expert can seriously improve the operation of a company. She helps us consider how strategic thinking impacts a board and what you as an aspiring board director can do to begin recognizing how boards leverage strategic thinking in their operation. Join us as we discuss these ideas and more on this episode of Boardroom Bound.
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