Charles Russell Speechlys’ Post

Ms Maria Micallef contributed an article to issue 3 of the MIA’s quarterly magazine, The Accountant. The article explains how a well-functioning Board of Directors is critical for good corporate governance and delves into the role of non-executive Board members. Ms Micallef also highlights the importance of diversity at Board level and how the skills and knowledge of an accountant can enhance an entity’s governance and strategic decision-making. The full article is available on: https://lnkd.in/edfDfdrp

Quasi-independent board: This level introduces outside/independent directors who have no employment or other tie to the company apart from their role as a director. These directors introduce objectivity and accountability to the board and they expect their input to be respected. Board processes and policies will likely become more formalized with outside/independent directors on the board. The number of committees may increase. This outermost ring on the family business corporate governance model is most similar to governance at a public company. #familybusiness #governance #generations #successionplanning #sustainability #budgeting

What is a Non-Exec Director❓ How do you know if you'd be any good and is it a good career step❓ The tricky thing is that until you're in that boardroom environment you don't really get to test whether you're cut out for it or not. In my latest Forbes article I look at what it takes to be a great NED. Are you ready for the Boardroom?🙋🏻♀️ #NED #Boardroom #WOB #business #skills #independant #challenge #CriticalFriend Forbes Business Council Forbes Marian Evans

Quasi-independent board: This level introduces outside/independent directors who have no employment or other tie to the company apart from their role as a director. These directors introduce objectivity and accountability to the board and they expect their input to be respected. Board processes and policies will likely become more formalized with outside/independent directors on the board. The number of committees may increase. This outermost ring on the family business corporate governance model is most similar to governance at a public company. #familybusiness #governance #generations #successionplanning #sustainability #budgeting

Leading a family business successfully requires unwavering commitment from the leadership to a shared purpose. This involves educating members, creating, and sustaining governance platforms for a shared voice. Encouraging transparency and clarity is essential to reduce conflict. Additionally, adapting to changing business and family dynamics while upholding the legacy is crucial. Balancing business goals with family harmony and personal relationships is key. It is a privilege to steward this responsibility! Pic Credits: Anne Nygård #familybusiness #governance #advisory

Beyond the essential requirements of a corporate board, a family board should ensure that a seat on the board is not an entitlement but rather something that must be earned. Director selection should depend on the value that the director brings to the board, rather than solely representing individual interests or family branches. Additionally, a family board should include non-family, independent directors who can provide external perspectives and expertise. Pic Credits: Annie Spratt #familybusiness #governance #Advisory

In a family business, the chair serves as a touchpoint between the board, management, and family. The chair also helps to: Establish and maintain an effective working relationship with the CEO. Lead the decision-making process rather than make decisions. Elicit contributions from all board members and seek consensus in decision-making. Assist the CEO and company secretary in curating board papers to bring clarity to the decision-making process and ensure adequate time is allocated to important topics. Facilitate the selection of board committee members. Plan for CEO succession. Picture credits: Ashlee Jeena Art #familybusiness #advisory #governance

 A consulting family creates healthy governance spaces, such as the family council and an effective board of directors, to facilitate decision-making. In contrast to a conflicting family, wherein energy is wasted in a tug of war, a consulting family can use its combined energy to accomplish both personal and professional objectives.     #familybusiness #governance #advisory

The strength of the most diverse advisory boards comes from the variety of perspectives, better decision-making, innovation, and adaptability that diversity brings to strategic planning and guidance processes. Having cross-industry experts and advisors is the key to implementing a diverse advisory board. Interested to learn more? Visit my website: https://lnkd.in/gTEhVi4t #advisoryboard #advisors #governance #advisory #boarddiversity

What are directors thinking in 2024? In this report by BDO USA & Diligent Institute, 250 U.S. public company directors were surveyed about the biggest challenges they are facing in 2024, including economic indicators, strategic governance, management oversight, board readiness, and shareholder engagement. Interesting read for the weekend 💡: https://lnkd.in/gQV6WtYf #boardofdirectors #corporategovernance #boardmember