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A Primer on Corporate Governance, Second Edition by Cornelis A. de Kluyver

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Chapter 7

The Board's Role in Strategy Development

Who Is Responsible for Strategy Development?

Twenty years ago, boards might have rubber-stamped their CEO’s strategic plan without involving itself in a significant ways in its formulation. They were often content with rewarding profitability or mopping up after the occurrence of losses—all based on a rear-view mirror perspective of financial performance. The Enron, WorldCom, and similar debacles clearly demonstrated that a hindsight view was not good enough to avoid catastrophes from occurring. That would require more involvement up front in “strategic planning.” Where the strategy involved acquisitions and mergers to accomplish growth, boards historically were very involved along with major ...

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