CHAPTER 4
Do the Right Things
The Substance of Great Governance
Earlier I asked the question, “What is great governance?” In this chapter and the next, I answer the question in detail.
Experience and research point to a top-ten list of things a board must do for management and the organization to thrive:
1. Set high performance aspirations and a proper tone at the top
2. Appoint an excellent leader and plan for succession
3. Help develop and approve a winning strategy
4. Approve annual and long range plans and monitor results
5. Create incentives for desired performance
6. Ensure quality financial reporting and effective internal controls
7. Oversee a balance sheet with ample liquidity and prudent debt
8. Oversee enterprise risk
9. Be vigilant ...
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