12.
A Revised Definition of Corporate Governance
Discussions about who leads a company typically focus on the chief executive and the executive team. That is understandable: the CEO gets the ink and, when things go badly, most of the heat. But we have discovered that the defining conception of leadership has been expanding at many companies to include the firm’s directors as well.
Boards must still monitor management, of course, but in addition they are also more often leading with management. “It’s great to have a partnership with our directors,” offered the chief executive of a Fortune 20 company. And for that to come to life, he and his board have come to review and revisit company strategy and its risks and opportunities at every board meeting. ...
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