Boards must consider the interest of all stakeholders when they make key decisions for their organisation.
The Governance Institute (ICSA) and The Investment Association (IA) have published guidance to help boards weigh up those interests.
The guidance acknowledges that there will be different approaches and that one size does not fit all but it sets out some “core principles” with real life examples of how this can be achieved in practice.
Action: When preparing for board meetings it is as important to prepare guidance on proper process as it is to have an accurate agenda. It will lead to better decision making and fewer challenges.
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To see the guidance go to: https://www.icsa.org.uk/knowledge/resources/stakeholdervoice