Boards Second Edition out now- Why Bother?

The first edition of "Boards" was officially published ahead of schedule on 12 December 2019. Headlines on that day in the UK were dominated by election-day and BREXIT. The plan was for a proper launch in March 2020 allowing time for the traditional post-Christmas blues spell in the book market to recede as well as time to set up a series of promotional events in the spring. So much for good planning and delivering ahead of schedule!

Just a few weeks later on the 31st December 2019 an outbreak of coronavirus disease (COVID-19) was first reported from Wuhan, China. It is no understatement to say that from then on the world changed. According to the World Health Organisation, the Covid pandemic, which is still far from over, has already claimed more than 4 million lives and there have been over 200 million reported cases. The impact on our societies and economies and the way we live and work has been profound.

This period has been a monumental stress test for boards. Resilience, capabilities, culture, judgement, relationships, values and the ability to manage complex and often competing stakeholder needs have all been put to the test. As with any significant crisis there have been winners and losers and the specific challenges boards have faced have differed from organisation to organisation, sector to sector and region to region.

Enormous though its impact has been, the pandemic is not the only thing of significance to influence the context in which boards operate recently. Political flux across the world, increasing focus on diversity and inclusion triggered by the revulsion over the killing of George Floyd in the United States as well as the frequency and scale of extreme climate and human rights events have all produced opportunities for boards to step up and lead by example on values based issues. The thought that the pandemic is a small warm up for what might happen as a result of climate change is also concentrating the minds of many decision makers.

Like all major crises, the ensuing pressures have the power to strengthen the bonds between us and to enable us to see the strengths of others more clearly. My direct experience has been overwhelmingly positive and uplifting with so many board members rising to the challenges, working incredibly hard and providing a tremendous balance of oversight and support.

Yet for some boards and board members it has exposed latent weakness and tension resulting in trauma and in some cases failure. The consequences of the pandemic have also overwhelmed many fine organisations and boards, not just those who have been found wanting.

Board churn has also been high as needs have changed, some haven’t delivered and others have decided that the degree of workload and risk has become too great. 

The urgent need for creativity has led to a surge in innovation which in turn has driven successful regeneration and reinvention. It has also accelerated a number of trends which were already underway in the ways in which boards make decisions and operate.

It’s easy to focus on the use of communications technology here. Out of necessity virtual ways of working were adopted rapidly and were absolutely critical to survival and planning recovery. Some of these changes have been hugely beneficial and will also stick, even when we can get back to having more physical meetings and are able to travel more freely. 

A less obvious but I suspect more significant change in the long run has been the acceleration from what I call a “Maps” world to a “Satnav” world when it comes to decision making. The “Maps” world consisted of incredibly detailed and lengthy strategic plans and annual budgets. The “Satnav” world, which was more common in early stage and venture backed organisations, consists of strategic frameworks and parameters and dynamic budgeting. I.e. making decisions, where we can, with the very latest information.

The trend for larger organisations to adopt these methods has been given a boost by increased uncertainty and the availability of data analytics tools. However, it hasn’t all been plain sailing as many board members and finance teams have found such adjustments hard in practice.

So, quite a lot has changed for Boards since December 2019 and although I had never planned to do a second edition so early, especially given the feedback on the first one, it felt absolutely right to do it.

What’s new in the second edition?

Firstly, I have gone through every page and updated it, where appropriate, for what might have changed as a result of all of the above. There’s also some new content in a number of areas including Culture, Stakeholder management, Board reviews, smaller listed companies as well as the use of technology.

There is also now an E-book version to go with the Kindle one and we've been able to reduce the price for everyone and if you are from a Social sector board (charity, social enterprise, NHS, education etc) there's a code to get you another £5 off (email info@governance.co.uk to request the code)

It's available from Governance publishing @ https://bit.ly/38IYxrO

I hope that you find it useful.