Inside the Strategy Room

188. Leading effectively with the board

Dec 15, 2023

Karen McLoughlin, former CFO and board director for Best Buy, and Steven Sterin discuss the evolving role of boards in navigating business complexity and setting ambitious goals. They explore peer-to-peer support, catalyst boards, and the increasing time commitment for board directors. They also highlight the importance of onboarding, continuous training, and aligning board requirements with skills. The podcast ends with gratitude and a call to subscribe and engage.

37:53

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Episode guests

Karen McLoughlin

Steven Sterin

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Quick takeaways

The board's role has expanded to engage with level one and two line organizations, allowing for talent assessment within the organization.

Boards are adopting a continuous learning approach and leveraging board expertise to support management during challenging times.

Deep dives

The Changing Role of the Board of Directors

The role of the board of directors has expanded beyond CEO succession planning to engage with level one and two line organizations on a recurring basis. This allows for interaction and talent assessment within the organization.

Changing Dynamics of Board and Management Interaction

01:32

The Importance of Board Insight into Talent, Succession Planning, and Culture

01:51

Introduction

2min

The Evolving Role of Boards and Management

5min

Peer-to-Peer Support, Catalyst Boards, and Rapid Change in Energy

2min

The Role of the Board in Providing Confidence and Guidance

3min

The Increasing Time Commitment for Board Directors

2min

The Importance of Onboarding and Continuous Training for Board Members

12min

Aligning Board Requirements with Skills and Commitment

10min

Gratitude, Contact Information, and Call to Subscribe and Engage

2min

Boards are under increasing pressure to navigate a complex business environment, stay on top of accelerating technological advances, manage growing stakeholder expectations, and in some cases, set the organization's ambition level to catalyze change in close collaboration with management.

To discuss how the role of the board is developing in light of these challenges we're joined by Karen McLoughlin, a former CFO who is a long-time board director for Best Buy, among other companies, Steven Sterin, who serves on the boards of DuPont and Kosmos Energy, and Frithjof Lund, a senior partner in our Oslo office and global leader of our Board Services practice.

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