Rethinking Strategy Development
The Report of the NACD Blue Ribbon Commission on Strategy Development recommends that directors move beyond the traditional “review and concur” approach to strategy development and move toward an ongoing strategy dialogue with management. Increased board engagement, however, may require stewardship from lead directors and nominating and governance committee chairs. These implications were discussed at the Feb. 12, 2015, meeting of NACD’s Nominating and Governance Committee Chair Advisory Council. At the meeting – co-hosted by Heidrick and Struggles and Sidley Austin – lead directors and committee chairs from Fortune 500 companies discussed the report’s recommendations with several members of the commission.