It is tempting to think of a board as being governed by charters, mandates and codes, however the reality is that a board is a social entity whose decisions are as much influenced by the informal culture, values and beliefs at play as it is the formal roles, processes and structures in place. Which is why our methodology considers both.
Strategy is both formal and informal as directors’ beliefs will influence decision-making as much as formal targets and mandates.
Culture is both informal and formal as how the board conducts itself will not only be governed by the official charter but also the values driving behaviour.
We consider all of these elements throughout each of the following board functions:
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