The main task of boardroom technologies in the general concept of sustainable development management is the adoption of managerial decisions, which are divided into operational and long-term.
Understanding of the Main Boardroom Technologies Idea
In general understanding, the idea of the concept of boardroom technologies is to use such management methods that will best affect the economic state of the enterprise, the final results of its activities, and the possibility of achieving them. In the concept of managing the sustainable development of an enterprise, it is necessary to take into account the set of principles and rules for managing the sustainable development of an enterprise, which arise from the correspondence of the capabilities of the enterprise and its ultimate goal.
When assessing the boardroom technologies, the influence of external uncontrollable factors (growth of inflation, prices, instability of the tax system, regulatory legislation, decrease in household income, etc.), as well as internal (exceeding the permissible levels of financial risks, ineffective financial strategy, marketing, etc.).
What Are the Main Boardroom Technologies that Make Meetings Easier?
- Regularity of participation in meetings.
The council should assess how responsible a member is in their duties and whether they regularly attend meetings. The board should establish an acceptable level of absence from meetings for good reasons. If a member of the Board of Directors violates the established level of possible omissions, appropriate decisions should be made (for example, when determining the amount of remuneration).
- Preparation of issues for discussion at meetings of the Board Meetings.
The preparation by a member of the board meeting of additional materials for discussion of individual issues at meetings deserves a high appraisal. He can carry out the preparation of such materials on his personal initiative or on the instructions of the chairman of the Board. Both the very fact of the preparation of such materials and the quality of the prepared materials, if this practice is common, can be assessed.
- Participation in the protection of the rights of shareholders, including minority shareholders, as well as the development of relations with interested parties (authorities, creditors, partners).
A positive fact should be considered in the practice when a member of the Council actively interacts with shareholders, bringing to the meeting issues related to the protection of their rights. Also, a member of the Council, on the instructions of the chairman, can interact with other stakeholders. In particular, the director can participate in conferences, oversee interaction with stakeholders.
- Consulting and assisting management on issues related to the implementation of the strategy, and specific issues of the company’s activities.
The situation deserves special attention when managers are consulted by a director with specific knowledge and skills. This practice is a positive contribution to the overall final assessment of the individual work of a board meeting member.
- Approval of decisions that later turned out to be ineffective.
No one is immune from mistakes, but the Board Meeting can establish a certain level of ineffective decisions from among the adopted ones. If the number of ineffective decisions voted for by one or another member of the Board of Directors is too high, this should suggest that he has insufficient competence. At the same time, such an analysis is possible only on the basis of the decisions made and does not take into account those decisions that were not taken. Moreover, it is quite difficult to establish a cut-off period – the period after which the effectiveness of a particular solution is assessed.