Elevating Board Performance at Financial and Corporate Institutions

Butterworths Journal of International Banking and Financial Law, July/August 2011

7 Pages Posted: 15 Jul 2011

Multiple version iconThere are 4 versions of this paper

Date Written: July 14, 2011

Abstract

Despite considerable reforms over the past two decades, boards – particularly at financial institutions – have been criticized recently for poor stewardship.

This article argues that the lack of attention to behavioral and functional considerations – in particular, relating to director mindset, board operating context, and evolving human dynamics – has hampered the board’s effectiveness.

To reach their potential, boards and their members should: (i) think like an owner; (ii) know their companies; (iii) be prepared to ‘roll up their sleeves’; (iv) take charge of their priorities; (v) hire a collaborative CEO; and (vi) protect their authority and independence.

Note: This article has been adapted from “Elevating Board Performance: The Significance of Director Mindset, Operating Context, and Other Behavioral and Functional Considerations," available at http://ssrn.com/abstract=1832234.

Keywords: board of directors, mindset and behavior, board culture, independence, authority

JEL Classification: G34, M14

Suggested Citation

Wong, Simon C. Y., Elevating Board Performance at Financial and Corporate Institutions (July 14, 2011). Butterworths Journal of International Banking and Financial Law, July/August 2011. Available at SSRN: https://ssrn.com/abstract=1886004

Simon C. Y. Wong (Contact Author)

Northwestern University School of Law ( email )

375 E. Chicago Ave
Chicago, IL 60611
United States

London School of Economics

Houghton Street
London, WC2A 2AE
United Kingdom

HOME PAGE: http://www.lse.ac.uk/collections/law/staff/simon-wong.htm

Tapestry Networks ( email )

404 Wyman St.
Suite 225
Waltham, MA 02451
United States

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