First Flight’s Board Composition review is the most effective means for identifying areas for improving performance within a Board. Competency frameworks are used to identify Director skills, mind-set and diversity issues, and ensure current Directors are being properly utilised. Leading practice recommends that a Board review should involve the Board as a whole, but also review the contribution of individual Directors through an externally facilitated process of evaluation.

The objective of good Corporate Governance is to facilitate, effective, entrepreneurial and prudent management that can deliver the long-term success of the company.

How can the Competency Framework be applied to my organisation?

The framework provides a measurable and achievable guide to the knowledge, skills and mind-set required for Directors to perform effectively and to successfully lead your organisation whatever your sector, industry or location.

A Board Composition review will assess how a Board is performing and as an overview can:

  • Identify areas for Board improvement and identify gaps
  • Enable more effective group dynamics within the Boardroom
  • Provide a check on progress against the organisation’s mission and objectives
  • Provide benchmarks for measuring Board Performance in the coming year

 

The Competency Framework is built around three dimensions: 

1)   Knowledge – Director understanding and appropriate application of essential practical and theoretical information; eg strategy, operations, entrepreneurial & finance.

2)   Skills – expertise that Directors bring to the Board; eg Corporate Governance, digital/E-Commerce, analytical skills, legal, HR etc

3)   Mind-set – attitude and disposition that shapes a Director’s responses, behaviour and contribution; eg independence, ethics, prepares well etc

Within each of the three dimensions Knowledge, Skills and Mind-Set we review a set of core competencies and actionable standards enabling us to assess the strengths and weaknesses of Directors, identify areas for performance improvement and plan for development and succession planning.

Achieving the “Ideal Board”

The Board should debate and agree the best strategy for the company and set itself regular performance objectives and regularly review its achievement against the objectives it sets.

The ideal Board should be both entrepreneurial and deliver robust and effective risk management. Possess a diversity of skills, personalities, age, gender and knowledge to ensure it can debate healthily and deliver against future strategies.

Appointing Non-Executive Directors is an ideal way to address skills and/or diversity and independence issues that the Board may not currently have.

For more information please email This email address is being protected from spambots. You need JavaScript enabled to view it. 

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