Wall Street Journal Article on ‘The 2014 Board Agenda: Succession Planning, Cyber security and more’
http://deloitte.wsj.com/riskandcompliance/2014/01/09/the-2014-board-agenda-succession-planning-cybersecurity-and-more/?KEYWORDS=Management+Process
Wall Street Journal Article on ‘The 2014 Board Agenda: Succession Planning, Cyber security and more’
In the weekly analysis, we studied about the four activities of the management process that are planning, organizing, leading and controlling. An article in the Wall Street journal by Deloitte focuses on how the Board of a company shall plan its activities for the year 2014 and what role it is supposed to play in organizing the resources for the efficient working of the organization . Furthermore, the article highlights how the Board of Directors shall play their leadership role and keep all the controls intact to ensure accountability and compliance of various policies and strategies that have been evolved to effectively run the business.
Deloitte highlights the Role of the Board in ensuring compliance with the standards of corporate governance. It is also explained how it shall plan strategies for performance, talent and integrity in the organization. Emphasis is laid on how while organizing its resources the Company and its Board shall realise that all actions that may create value are risky and the Board shall utilize its leadership skills by foreseeing such risks and taking measures to minimize the same. Furthermore, the Board and its members shall put ion place measures to control by having on board members who are qualified and have the right skills to not only lead from the front but also control the management of the organization. A replacement of all the officials and ‘next in line’ shall be known along with definite compensation of the executives to keep the motivation levels high and for the Board members their nomination and tenure shall be well defined.
Along with all these things, the board and management shall focus on the shareholders activism and involvement in the Company and shall not neglect the social and environmental policies along with the regulatory compliance that shall be necessary while staying ahead in cyber security .
References
Daft, R. (2013). Management. Mason : Cengage Learning.
Fajardo, F. R. (1997). Management. Manila: Rex Bookstore, Inc.
Kinicki, A., & Williams, B. K. (2005). Management. New York: McGraw-Hill.
