Background

While a company’s leadership team is answerable to its board, a number of private companies either do not have a board, or have a board that provides limited strategic value. In the same way that an independent financial auditor is valuable in assuring financial integrity, an independent review of the board is likewise valuable in assuring that the board has the appropriate composition and effective processes.

Objective

The objective for the Board Review is to provide recommendations for establishing or improving the composition of the board, and defining and improving its processes as required to meet the long range objectives of the company.

Process Step 1: Strategy Review

Kinross will facilitate discussion with the existing board or owner(s) to confirm the medium term (1-3 year) objectives, and the proposed strategies for achieving these objectives. Where these strategies have not been fully developed we will use SWOT analysis and other tools to develop the 3-6 key strategies.

Process Step 2: Board Composition Assessment

Kinross will utilise a board assessment tool to arrive at group consensus around the gaps that may exist at the governance and strategic oversight level. This assessment will be used to formulate recommendations for board composition. The assessment may result in recommendations for the addition of an advisory board, or for additional non-executive directors, an independent chair, or addition of directors with particular expertise related to the identified strategies and existing gaps.

Process Step 3: Board Process Analysis

Using a best practices template, Kinross will assess the effectiveness of the current board in terms of the conduct of its meetings and business.

Outcomes you can expect from engaging Kinross

• Clarity and alignment on objectives and strategies;
• Consensus on current board strengths, weaknesses, and gaps;
• Alignment on the need for board augmentation;
• Recommendations for board process improvements, including agenda setting, board committee structure, roles, and processes.

For further information contact:

Stuart Chrisp, Managing Director, Kinross Partners, 09 377-5300 or stuart@kinross.co.nz
Denis Horner, Director, Kinross Partners, 09 377 5602 or denis@kinross.co.nz