Searching for a Perfect Composition for a Board of Directors
Journal Title: Journal of Corporate Responsibility and Leadership - Year 2017, Vol 4, Issue 1
Abstract
Background: When one hears that company X achieved success, adopted a strategy, or struggles with difficulties, there is always a company board behind this news. Typically, a company board is a reflection of decisions taken by the owner; in practice, there is no rule as to how to appoint a company board. However, if we consider the long-term interest of the company, we may suggest a few ideas that will allow the company to better adapt to the market; they may also help to build the competitive advantage and have a positive impact on the company’s market position. This article presents a belief that the company board composition should evolve from merely reflecting the goals of the owner and the professionalism of the members, into a board, whose structure reflects employees and the market in which the company operates. This approach stems from the need to adapt to the market conditions, which is easier when the process of change starts with the company board. To illustrate these ideas, a fictitious example of a limited liability company will be used, for which we developed various board models based on the market situation. Purpose: The aim of this article is to develop a new approach to board of directors’ creation, through the lens of decision-making theory, sustainable development and business performance.
Authors and Affiliations
Joanna Hernik, Antonio Minguez Vera
Keywords
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- EP ID EP293181
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