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    Outsource the board? I don't think so.

    Governance Leadership Performance
    The contentious topic of board performance seems to be getting more and more attention in the popular press. The attention is great, because boards are responsible for company performance, in accordance with the wishes of owners, and they need to be held accountable. However, not all of the discussion is helpful. For example, this provocative article appeared in the Economist recently. While the article was well-written, the proposal it contained—to outsource the board—was irksome. I remember tweeting about it at the time.

    The board is a proxy for absentee owners, to represent their interests. Why any owner (shareholder) would allow a board to (re)outsource what is, in effect, an arrangement that is already outsourced is beyond me. If the board is not delivering the results the owners want it should be replaced, not outsourced. Thankfully, an influential commentator has provided this rejoinder to Schumpter's article, and in so doing reintroduced some much needed balance and a modicum of sensibility.

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    BAM2014: Final programme published

    Conferences Governance Leadership Management Research Strategy
    The 28th Annual British Academy of Management Conference is now less than a week away. The conference is being held in Belfast, Northern Ireland, on 9–11 September, and the final version of the BAM2014 programme is now available on the conference website. I'm down to deliver my paper on Thursday morning.

    This year, over 640 full and developmental papers will be delivered over three full days. Helpfully, the wide range of topics have been grouped into 24 tracks. In addition to the papers, keynote speakers will address the delegates each morning; and there are symposia; special interest group meetings; professional development workshops; and, a gala dinner (at the Belfast Titanic Museum, no less) to attend. Delegates will be busy!

    If you are interested in a particular track or specific paper, but cannot attend, please let me know. I will do my best to attend the presentation for you and report back. Also, if you are planning to attend the conference and would like to meet up over a coffee or snack, please contact me via Twitter or email.

    PS: As has become my practice during conferences, I will provide summaries and reflections throughout BAM2014, so please check back regularly if you are interested.
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    BAM2014: My paper now available

    Conferences Governance Phd Research
    The organisers of the BAM2014 conference have published all of the conference papers online. If you wish to read a copy of my paper, On the use of critical realism to advance governance research beyond correlations, please click here. The purpose of the paper is twofold: to debate some of the core assumptions and approaches that have been favoured by many corporate governance researchers to date; and to offer an alternative approach to research—one that has the potential to help researchers solve the challenging problem of explaining how boards can influence the achievement of company performance outcomes.

    The ideas in the paper form an important foundation stone of my doctoral research, so please feel free to post a reply, or to send an email, if you wish to make any comments about it. I'd welcome the feedback!
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    Thank you for your interest in my work!

    Conferences Governance Phd Readings
    I'm writing to express gratitude for your interest in my upcoming talk at the British Academy of Management conference. That my research to explain how boards can influence the achievement of company performance outcomes has stimulated such interest, even before it is completed, has amazed me. Thank you. 

    My paper will be on presented on Thu 11 September. A copy will be posted here afterwards. If you are planning to attend the conference and would like to meet between sessions, over lunch or in the evening, please contact me via Twitter or email. Also, I'll post summaries and reflections on this blog throughout the BAM conference, to give those that cannot attend an insight into what was discussed. 

    To those people that have asked questions about my research: I will send a private reply. To those that have asked about meetings and speaking engagements in London and elsewhere: my schedule is now full (sorry!). However, I will be back in the UK and Europe in November. If you'd like to meet me then, please contact me to make an arrangement.
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    Learning to enjoy the eye of the storm

    Conferences Governance Phd Time Management
    In seven days time, I expect to be at least 35,000ft above the north-west reaches of the UK, nearing the end of a journey from Auckland, New Zealand to London, England. The reason for my trip? I'm booked to speak at the British Academy of Management conference in Belfast. While in the UK, I'll also attend some meetings, and take a few days off with my wife who is travelling with me. The trip involves 40,000km of air travel; 24 hours of timezone change; and, a season change (from late winter to late summer and back).

    On the surface, it'll be a demanding trip. However, the trip may actually be a blessing in disguise: a time of relative calm sandwiched between two even busier periods. Here's what I've been up to in recent weeks:
    • Commenced a formal board evaluation (18-member board with many challenges and tensions)
    • Written a manuscript for a highly regarded journal (now being peer-reviewed)
    • Written an article for an online magazine
    • Delivered a couple of professional development courses
    • Facilitated three strategy development workshops
    • Reviewed the Company Directors Course material for the Institute of Directors 
    • Attended two board meetings
    • Added about 7500 words to my doctoral thesis

    A new list of actions to be completed before Christmas awaits my attention when I get home:
    • Complete the data analysis and thesis write-up (my stated goal is to submit the doctoral thesis for examination before Christmas)
    • Present the board evaluation report (the 18-member board)
    • Deliver three professional development courses
    • Attend a professional development course
    • Facilitate three strategy development workshops
    • Attend four board meetings

    Measured against these lists, the seemingly hectic trip, to fulfil a speaking engagement and attend meetings on the other side of the planet, might not be so demanding after all. In fact, the trip may be analogous to the eye of storm. My point? The here-and-now can seem pretty hectic. Long-distance travel can be pretty demanding. However, if one steps back and looks at the big picture, periods of relative calm become visible amongst the busyness. Seek them out and enjoy them, for the next period of busyness lies in wait. 
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    "Big firms fail to match growth of economy"

    Governance Leadership Performance Strategy
    Bryan Gaynor shone the light on a very important problem today—that many large firms in New Zealand simply are not growing in line with the growth of the economy. In other words, they are going backwards. Gaynor's analysis is insightful: to lose ground when the flow is good suggests that something is amiss. This raises several important follow-on questions: 
    • What have the boards of these firms been doing over the last few years?
    • Why have the boards not held the Chief Executive accountable for performance?
    • Who is actually in control and who is driving strategy? (It's unlikely to be the board, from what I can see.)
    • What changes are required to get these firms, and the economic contribution they make, back on track?

    While the issues before each firm will be unique, there are some constants:
    • The board is responsible for business performance.
    • The board needs to ensure that an appropriate corporate strategy is in place
    • The budget is not the strategy, it is a measure of progress.
    • The basis of performance should be achievement of strategy, not achievement of budgets.

    Hopefully, the boards of these firms will take stock, ask some quite tough questions, and make appropriate adjustments to get back on track. High company performance has many positive flow-on benefits beyond shareholder wealth, and these need to be realised if at all possible.