
Strategy in Action: CEO Insights and Boardroom Perspectives
Archive

NACD Chicago Chapter
Contact Us
Greg Hedges
President and Chief Executive Officer
GregHedges@ChicagoNACD.org
312-480-7030
NACD Chicago Chapter
5400 West Elm Street
McHenry, IL 60050
Find a Chapter
About The Event
As an after-event takeaway, we are pleased to provide this guide to all participants as a token of appreciation for your engagement. Derived from the insights of our panel, we offer a series of questions for board members to ask management, fostering a collaborative yet distinctly non-operational stance.
Former CEO and Current Board Member Panelists Dan Hesse, Bill Zollars, and Frank Jaehnert were moderated by Kim Muhota, COO of Aon North America.
- Assumption Validation:
- What fundamental assumptions underpin this strategy?
- What must work perfectly for this strategy to succeed?
- What could potentially derail our strategic objectives?
- Capability Assessment:
- Do we currently have the internal expertise to execute this strategy?
- If expertise is lacking, what is our precise plan to build or acquire the necessary capabilities?
- Is our culture aligned with and strong enough to execute this strategy?
- Competitive Landscape:
- How does this strategy position us relative to our competitors?
- What competitive advantages are we creating or leveraging?
- What are our competitors likely to do in response?
- Financial and Resource Allocation:
- What are the total investment requirements, the projected returns, and timeline for achieving them?
- What are our alternative investment options?
- Does the compensation/incentive plan support the execution of the strategy?
- Risk Mitigation:
- What are the top three potential risks?
- What specific mitigation strategies have been developed?
- What are our contingency plans if initial assumptions prove incorrect?
- Strategic Alignment:
- Does this strategy align with our long-term vision?
- How does this strategy create sustainable competitive advantage?
- Are the proposed investments proportionate to potential returns?
- Execution Readiness:
- Do we have the right leadership to execute this strategy?
- What specific metrics will we use to track progress?
- What are the clear, measurable milestones?
- Governance Considerations:
- Are there any legal or regulatory constraints?
- How does this strategy impact our stakeholders?
- What are the potential ethical implications?
- Performance Monitoring:
- What quarterly/annual checkpoints will we establish?
- How will we objectively assess strategy performance?
- What triggers would cause us to modify or abandon the strategy?
Key Principles for Board Members:
- The board helps DEFINE strategy, tapping into their expertise and enhancing 100% of the board commitment, and then PRESSURE TESTS the strategy presented.
- The board SUPPORTS management's well-conceived strategy and CHALLENGES assumptions constructively.
- The board ENSURES alignment with long-term organizational objectives.
- Proverbs 15:22 tells us, “Plans go wrong for lack of advice; many advisors bring success.”
This guide aims to equip board members with questions to help them effectively oversee and guide corporate strategies, ensuring alignment with the company’s broader objectives and sustained success.
We thank you once again for your participation and hope this guide serves as a valuable resource in your strategic oversight responsibilities.
NACD Chicago Chapter
Contact Us
Greg Hedges
President and Chief Executive Officer
GregHedges@ChicagoNACD.org
312-480-7030
NACD Chicago Chapter
5400 West Elm Street
McHenry, IL 60050
Find a Chapter
NACD and the NACD Chapter Network organizations (NACD) are non-partisan, nonprofit organizations dedicated to providing directors with the opportunity to discuss timely governance oversight practices. The views of the speakers and audience are their own and do not necessarily reflect the views of NACD. |