Catégorie : Relève

Recrutement de hauts dirigeants | Attention au « fit » culturel !


Excellent article de Dominique Froment dans le journal Les Affaires du 1er septembre 2012. On notera que le recrutement de hauts dirigeants est de plus en plus exigeant et que les entreprises s’adressent de plus en plus à des firmes spécialisées dans le recrutement de cadres et de membres de conseils. Au delà des méthodes de recrutement traditionnelles, il faut évaluer le mieux possible comment le candidat ou la candidate rencontre l’impératif du « fit culturel ». Voici un extrait représentatif de cet article :

« Aujourd’hui, un nouveau président doit s’intégrer rapidement à l’équipe de direction. Il faut que le fit culturel se fasse. Il y a 20 ans, on ne parlait pas de cela », ajoute Geneviève Falconetto, associée directrice du bureau de Montréal d’Odgers Berndtson. « Évaluer un CV, c’est facile. L’aspect le plus critique de notre travail est de faire l’équation entre le candidat et l’entreprise », explique Jérôme Piché, associé directeur du bureau de Montréal de Spencer Stuart. Depuis deux ans, on fait passer de plus en plus de tests psychométriques. C’est devenu la norme ; 90% des candidats que l’on recrute passent ces tests. ». « Avant, on évaluait des résultats, ce qui était assez simple. Maintenant, il faut évaluer l’intelligence émotionnelle des candidats et sa compatibilité culturelle avec l’entreprise ; c’est plus compliqué », confirme Richard Joly.

Des cadres qu’on s’arrache !

« Les chasseurs de têtes sont occupés. Très occupés. Depuis trois ans, les mandats pour dénicher le président, vice-président ou directeur général de rêve s’accumulent sur leur bureau. Et démographie oblige, ça ne fait que commencer ! « D’après une étude que nous avons commandée à Léger Marketing en novembre 2011, 17% des entreprises canadiennes perdront plus de 50% de leurs cadres supérieurs au cours des cinq prochaines années et 25% vont plus de 20% d’entre eux », explique Geneviève Falconetto, associée directrice du bureau de Montréal d’Odgers Berndtson, une firme britannique présente dans 51 pays, qui qualifie « d’incroyablement actif » le marché actuel. Selon ce même sondage, 61% des cadres supérieurs canadiens ont 50 ans ou plus et 68% des entreprises n’ont aucune stratégie de planification de la relève. La tâche des entreprises, et des recruteurs, s’annonce ardue ».

Articles reliés :
Il y a un problème lorsqu’un haut dirigeant est irremplaçable ! (jacquesgrisegouvernance.com)

Les avantages de recruter le PCD (CEO) à l’interne (jacquesgrisegouvernance.com)

Les défis des 2 prochaines années en gouvernance | Un compendium de NACD


English: 1166 Avenue of the Americas (Marsh & ...
English: 1166 Avenue of the Americas (Marsh & McLennan Headquarters) (Photo credit: Wikipedia)

Vous trouverez, ci-joint, une publication de la NACD qui présente les défis qui attendent les administrateurs de sociétés au cours des prochaines années. Ce document est un recueil de lectures publié par les partenaires de la NACD : Heidrick & Struggles International, Inc., KPMG’s Audit Committee Institute, Marsh & McLennan Companies, NASDAQ OMX, Pearl Meyer & Partners et Weil, Gotshal & Manges LLP. Vous y trouverez un ensemble de points de vue très pertinents sur les sujets les plus importants en gouvernance. Un document précieux ! Voici comment les auteurs se sont répartis les thèmes les plus « hot » en gouvernance.

 

Corporate Governance: Five Mandates for a Complicated Era par Heidrick & Struggles

KPMG’s Ten To-Do’s for Audit Committees par KPMG’s Audit Committee Institute

A Board-Building View par Marsh & McLennan Companies

Governance Challenges Today and Tomorrow par NASDAQ OMX

Compensation: Back to Basics par Pearl Meyer & Partners

Board Challenge: Preparing for Crisis par Weil, Gotshal and Manges, LLP

Governance Challenges – 2012 and Beyond

« CORPORATE GOVERNANCE has seen significant changes in recent years. Legislators, regulators, and shareholders have had greater influence on the boardroom than ever before. These unprecedented changes have challenged boards and directors to stay ahead of the curve.

Recently released, Governance Challenges–2012 and Beyond offers a forward-looking perspective on the priority topics dominating boardroom discussion. This publication features current guidance and thought leadership from six of NACD’s strategic content partners, on issues ranging from executive compensation and director liability to risk oversight and board effectivenes. This compendium provides insights and practical guidance from the nation’s leading boardroom experts—NACD’s strategic content partners—each recognized as a thought-leader in their respective fields of corporate governance ».

Related articles

– NACD BoardVision: Private Equity’s Influence on Executive Compensation (bulletproofblog.com)

Dix domaines de réforme en gouvernance | Richard Leblanc


LinkedinAnswers
LinkedinAnswers (Photo credit: Wikipedia)

Voici, en rappel, un excellent billet de Richard Leblanc qui a fait un travail colossal de synthèse afin de dégager les bases d’un modèle de gouvernance, bâti à partir des nombreuses et riches discussions dans le groupe Boards & Advisers de LinkedIn. Richard a développé un modèle vraiment très pertinent, « Public Company Boards – Ten Areas of Reform« , que vous pouvez télécharger à partir de son blogue. Je vous encourage à lire ce document synthèse qui est le fruit de centaines d’échanges sur LinkedIn.

“Shareholder activism at CP Rail, Yahoo, Research in Motion, Chesapeake Energy and BMC Software continues, trying to prevent the destruction of billions of dollars of shareholder value. Shareholders rejected Citigroup’s, Aviva’s, Knight Capital’s, FirstMerit’s and Cairn Energy’s executive pay packages. Activists and hedge funds such as Bill Ackman at Pershing Square, Dan Loeb of Third Point Capital, Vic Alboini at Jaguar Financial Corp., Paul Singer at Elliot Management and Carl Icahn reveal defects in the current corporate governance system. What do they all have in common? And are boards listening ?”

Quelles sont les qualités d’un président de conseil d’administration (PCA) exceptionnel ?


Voici un rapport de recherche publié par la firme Alvarez & Marsal, sur les qualités d’un bon président de conseil d’administration (PCA). L’étude présente les résultats des entrevues menées auprès de 22 PCA des plus grandes sociétés publiques britanniques qui ont oeuvrés avec plus de 120 PCA dans leurs carrières. Cette lecture, vraiment fascinante, montre clairement les qualités des PCA qui sont considérées comme exceptionnelles par leurs pairs. Ci-dessous, un bref extrait du rapport.

What makes an exceptional Chairman ?

« Our research has identified the key attributes displayed by exceptional chairmen in challenging times. Although most difficult to maintain during periods of duress, these characteristics are displayed throughout a chairman’s tenure and across all aspects of their management of the business. We have also compared these attributes with the guidance for chairmen provided by the Higgs Report and the more recent guidance note published by the Financial Reporting Council. This emphasises that ‘good boards are created by good chairmen’ and the importance of the chairman demonstrating ‘ethical leadership.’ In its detail, the guidance provides lists detailing the chairman’s role, rather than the qualities which come out of our research.

Alan Greenspan, Chairman of the Board of Gover...
Alan Greenspan, Chairman of the Board of Governors of the Federal Reserve, 1987-2006 (Photo credit: Wikipedia)

Firstly, and most importantly, an exceptional chairman understands the business, its culture, people and processes. This understanding encompasses recognising and embodying the values of the business as much as having knowledge of the business operations and the marketplace. An exceptional chairman also understands the wider industry and prepares the company for all eventualities, from further market disruption to opportunities to improve competitiveness. This is based on their deep knowledge of the company and sector. Extensive knowledge of a sector or type of sector (e.g. heavy manufacturing) is as important as the chairman’s ability to apply his or her accumulated experiences into effecting transformational change and preparing the business for future challenges.

Secondly, exceptional chairmen never consider themselves a one-person success. They create strong teams that have real influence on the company’s direction by building an effective board of non-execs and establishing a complementary working relationship with the CEO and their team. They implement change through the CEO, but are ready and able to step in at the right time to provide air cover to alleviate pressure. In short, they provide strong active leadership of the board.

Not afraid to take tough decisions in adversity, this type of chairman has an infectious enthusiasm and commitment to change which has a ripple effect, creating a ‘can-do’ attitude throughout the company. With internal stakeholders on board, the chairman uses strong communication skills to engage shareholders and other external stakeholders with change ».

L’article présente 8 aspects qui caractérisent les présidents de conseil qui ont du succès. Lisez la suite dans cet excellent rapport.

Énoncés de principes de bonne gouvernance 2012 | Business Roundtable


Voici un document publié par l’organisation américaire Business Roundtable qui est la plus importante association de PCD (CEO) aux É.U. et qui regroupe les plus grandes sociétés avec un total de $6 trillion en revenus annuels et plus de 12 million d’employés. Ce document présente le point de vue des hauts dirigeants de ces sociétés sur les pratiques de bonne gouvernance. Le rapport est représentatif de ce que les membres pensent que devraient être les pratiques exemplaires en matière de gouvernance. C’est une lecture vraiment très pertinente.

 

English: Corporate Governance

Principles of Corporate Governance – 2012

« Business Roundtable supports the following guiding principles:

First, the paramount duty of the board of directors of a public corporation is to select a chief executive officer and to oversee the CEO and senior management in the competent and ethical operation of the corporation on a day-to-day basis.

Second, it is the responsibility of management, under the oversight of the board, to operate the corporation in an effective and ethical manner to produce long-term value for shareholders. The board of directors, the CEO and senior management should set a “tone at the top” that establishes a culture of legal compliance and integrity. Directors and management should never put personal interests ahead of or in conflict with the interests of the corporation.

Third, it is the responsibility of management, under the oversight of the board, to develop and implement the corporation’s strategic plans, and to identify, evaluate and manage the risks inherent in the corporation’s strategy. The board of directors should understand the corporation’s strategic plans, the associated risks, and the steps that management is taking to monitor and manage those risks. The board and senior management should agree on the appropriate risk profile for the corporation, and they should be comfortable that the strategic plans are consistent with that risk profile.

Fourth, it is the responsibility of management, under the oversight of the audit committee and the board, to produce financial statements that fairly present the financial condition and results of operations of the corporation and to make the timely disclosures investors need to assess the financial and business soundness and risks of the corporation.

Fifth, it is the responsibility of the board, through its audit committee, to engage an independent accounting firm to audit the financial statements prepared by management and issue an opinion that those statements are fairly stated in accordance with Generally Accepted Accounting Principles, as well as to oversee the corporation’s relationship with the outside auditor.

Sixth, it is the responsibility of the board, through its corporate governance committee, to play a leadership role in shaping the corporate governance of the corporation and the composition and leadership of the board. The corporate governance committee should regularly assess the backgrounds, skills and experience of the board and its members and engage in succession planning for the board.

Seventh, it is the responsibility of the board, through its compensation committee, to adopt and oversee the implementation of compensation policies, establish goals for performance-based compensation, and determine the compensation of the CEO and senior management. Compensation policies and goals should be aligned with the corporation’s long-term strategy, and they should create incentives to innovate and produce long-term value for shareholders without excessive risk. These policies and the resulting compensation should be communicated clearly to shareholders.

Eighth, it is the responsibility of the corporation to engage with longterm shareholders in a meaningful way on issues and concerns that are of widespread interest to long-term shareholders, with appropriate involvement from the board of directors and management.

Ninth, it is the responsibility of the corporation to deal with its employees, customers, suppliers and other constituencies in a fair and equitable manner and to exemplify the highest standards of corporate citizenship.

These responsibilities and others are critical to the functioning of the modern public corporation and the integrity of the public markets. No law or regulation can be a substitute for the voluntary adherence to these principles by corporate directors and management in a manner that fits the needs of their individual corporations ».

 

Administrateur | La lettre de l’IFA – juillet 2012


Voici un dossier de lecture remarquable de l’Institut français des administrateurs (IFA), partenaire pédagogique du Collège des administrateurs de sociétés (CAS). Vous y retrouverez des articles à la fine pointe des connaissances en gouvernance dans les entreprises françaises. Ce numéro d’été propose une grande variété de thématiques qui touchent aux rôles et aux responsabilités des administrateurs, et plus généralement à la gouvernance des entreprises.

Administrateur | La lettre de l’IFA , juillet 2012

Veuillez télécharger la pièce jointe (PDF) à la fin de la page de l’IFA.

Bref aperçu des articles:

AG 2012…Retour aux fondamentaux dans un contexte agité

Ce que l’on peut penser du Say on Pay

Est-on administrateur ou conseiller spécial dans une PME/ETI ?

Recherche de mandat ou d’administrateur :les bonnes pratiques à développer

Dirigeant-administrateur : à chacun de jouer son rôle et rester proche. Retour sur l’étude IFA/BearingPoint

Certification ASC : Simuler n’est pas jouer !

Une charte pour mobiliser les jeunes générations autour des valeurs familiales

Succession des dirigeants : les administrateurs veulent s’impliquer davantage dans le processus

L’Ethique : une meilleure organisation pour une meilleure prise en compte par le conseil

Une publication de l’IFA pour mieux faire connaître et valoriser la gouvernance à la française

Plusieurs C.A. échouent dans le choix de leur PCD (CEO) : Pourquoi ?


Le choix d’un bon président et chef de la direction (PCD-CEO) est certainement l’une des tâches les plus importantes d’un conseil d’administration. L’article de Ram Charan publié dans Fortune est très instructif à cet égard et je vous encourage à le lire afin de mieux jouer votre rôle de membre de C.A. L’auteur a étudié les cas d’échecs les plus probants dans le choix des PCD et il a identifié plusieurs étapes afin de les éviter.  Ces étapes peuvent être regroupées en quatre catégories :

  1. Reverse the usual process
  2. Place the selection criteria into five buckets

    Ann Livermore, VP at Hewlett Packard (HP) at O...
    Ann Livermore, VP at Hewlett Packard (HP) at OracleOpenWorld 2008 (Photo credit: TechShowNetwork)
  3. Confront common dilemmas
  4. Set the new CEO up for success

 « It’s becoming an epidemic: the dead-on-arrival CEO who is doomed from day one because he or she was the wrong choice. Look at Yahoo (YHOO), which just got its fifth CEO in five years, or think of Leo Apotheker, who lasted only 11 months at the top of Hewlett-Packard (HPQ). Investors blame the CEO when he or she flames out, but the real culprit is the board. The directors blew their most important job: making sure the company always has the right CEO.

To avoid such damaging failures, directors must seize control of CEO selection and pursue the task in a way that’s fundamentally new at most companies. I’ve analyzed 82 CEO failures from the past 20 years and have been on the scene of many successions, good and bad. I’ve observed what works and what doesn’t. The winning approach is clear, and more boards should go firmly on offense and follow it. Corporate leadership has shifted from the CEO to the board. In this age of intense competition and accelerating change, boards must above all demonstrate excellence in their No. 1 job of having the right CEO at all times. Following these four practices will vastly improve their chances. Is your board good enough to do the job they’re accountable for? »

Les avantages de recruter le PCD (CEO) à l’interne


Voici un article, publié dans Forbes, qui insiste, encore, sur les avantages de recruter le PCD (CEO) à l’interne. L’article présente des statistiques intéressantes et donne des munitions à ceux qui croient que l’on devrait toujours donner préséance aux candidats provenant de l’interne. À lire.

New CEO Study Underlines Merits Of Promoting From Within – Forbes

This news may not come as a shocker but it bears repeating: It pays to hire from within, whether lower- or mid-level employees, or candidates for a company’s top job.

Last month I wrote about a study by a Wharton professor, Matthew Bidwell, who found that external hires get paid more than internal promotes. For their first two years on the job, external hires also get much lower marks in performance reviews, and they are more likely to be laid off than those promoted from within.

Wharton Park - Durham
Wharton Park – Durham (Photo credit: drew | DROWNEDeffect™)

Yesterday, the consulting firm Booz & Co. released its twelfth annual study on CEO succession, and showed some similar findings about chief executives. The Booz study, of the world’s 2,500 largest companies, reports that from 2009 to 2011, companies let go 35% of CEOs hired from outside, compared to 19% of bosses who were promoted from within. Also, CEOs who come up from within, stay on their jobs for a year longer than outsiders, an average of five years, as opposed to four. Companies apparently recognize the advantages of hiring insiders. Four out of five new CEOs rise through the company ranks, says the study.

La taille optimale du C.A. d’une OBNL !


Il y a toujours eu beaucoup de discussions sur le sujet de la taille optimale des Boards d’OBNL. Mais que montrent les études et qu’en disent les experts à ce sujet ? Selon Richard Leblanc, on trouvera la réponse en analysant la mission et les fonctions de l’organisation et en étudiant le leadership du C.A. Voici un article intéressant à consulter si vous songez à modifier la taille de votre conseil.

The optimal size for boards of directors of nonprofits savannahnow.com

« A 2011 study by Bain Capital reported in The Nonprofit Times asserts that the optimal board size for effective decision making is seven people. According to Bain, “every person added after that decreases decision-making ability by 10 percent.” So for boards with the median of 17 people, Bain would put their decision-making ability at zero.

English: Icon for recentism

While a smaller board size does reflect new thinking about board functioning, I’ve seen too many boards that work extremely well with 17-22 people to buy into Bain’s assertion. Some boards grow quite large to enable greater engagement of key community leaders or to expand its fundraising capability. United Way is an excellent example of this done very effectively.  »

Comment valoriser l’utilisation d’un C.A. robuste ?


C’est très difficile d’évaluer la contribution effective d’un conseil d’administration, composé d’as de la gouvernance. Le C.A. est, à mon avis, l’un des actifs intangibles les plus précieux et il faut accorder une attention très particulière au choix, à la formation, à l’information et à la conduite d’un groupe de personnes aussi talentueuses. Surtout, il faut que le président du C.A. (PCA) et le président et chef de la direction (PCD) sachent comment faire le meilleur emploi de ces talents. L’article publié par David Rehr de la George Washington University propose 7 actions que la direction des entreprises doit entreprendre afin de profiter au maximum de la synergie d’un C.A. (Board) de qualité exceptionnelle.

Creating a Great Board of Directors

« Having a strong board of directors has never been more important in today’s environment. The economy remains problematic. Competition is fierce. The media is filled with stories of unethical behavior or abuse of organizational stewardship. Whether you are involved in a corporation or a non-profit organization, you need a cohesive and focused group of advisers who can help the CEO and senior management move through these turbulent times.

But in our drive for success, we sometimes forget that our board should be composed of extremely talented individuals who run incredible enterprises. Their time is often divided among many activities. At a minimum, we should never waste their time, which is a precious commodity.

 
Paul. E. Arbogast, MATRIC Chairman of the Boar...

 
When we have a great board, it makes the mission (whether it is making great products, providing outstanding services, curing AIDS, or ending malaria in Africa) easier to achieve. So how can a CEO use his/her board members to maximize the enterprise’s success? Here are seven initiatives from top organizations I have worked with which achieved their organizational goals and had great success ».

L’article présente 7 initiatives très importantes pour valoriser le C.A. Cliquez sur le lien !

Plus de femmes sur les BOARDS : Une perspective australienne


Australian Securities Exchange
Australian Securities Exchange (Photo credit: Wikipedia)

Je crois qu’il est important d’avoir une perspective globale de la gouvernance et, pour ce faire, il est nécessaire d’explorer le phénomène sous un angle international. Comment se pratique la gouvernance ailleurs dans le monde, en Europe, en Asie et en Australie par exemple ? Et comment la situation se compare-t-elle aux États-Unis, notamment en ce qui a trait aux femmes siégeant sur des conseils d’administration ? Voilà ce que l’étude de D. M. Branson de l’Université de Pittsburgh aborde. Vous pouvez téléchager le document au complet. En voici quelques extraits : 

« In the United States, the representation of women on corporate boards of directors has been flat for 6 years now. By contrast, elsewhere around the world the topic is a hot button issue. This includes Australia where the proportion of board seats held by women has suddenly jumped from 8% in 2010 to nearly 14% today. The Australian Stock Exchange (ASX) has adopted a “comply or explain” diversity disclosure requirement (for emphasis termed an “if not, why not” disclosure requirement), which emphasizes gender diversity. The requirement is even more stringent than the London Stock Exchange (LSX) comply or explain regulation adopted after the Lord Mervyn Davies Report on women in corporate governance appeared in February 2011. The Australian Institute of Company Directors also has instituted a mentoring/sponsorship program, the first of its kind in the world, designed to obtain board seats for women. This article reviews these Australian as well as global developments, including enactment of quota laws (especially Norway and France), certificate and pledge programs (“Rooney Rules”), and hard law disclosure requirements (United States) ».

Échec de la gouvernance à RIM | Un coup d’oeil au C.A. !


Richard Leblanc, dans un article publié dans Canadian Business, présente une solide analyse de la composition du conseil d’administration de RIM .  À partir des discussions publiées dans le groupe Boards and Advisors  de LinkedIn, il a identifié les changements requis afin de  renouveler le « Board » de RIM. Bonne lecture !

 

Échec de la gouvernance à RIM | Un coup d’oeil au C.A. !

 « It took RIM until 2012 to accede to having an independent board chair, a practice recommended almost 20  years ago. At this week’s annual general meeting, the minimalist shuffle toward corporate governance continued. Chair Barbara Stymiest, a former banker and regulator, acknowledged there were gaps in board skills.

Image representing Research In Motion as depic...
Image via CrunchBase

 “Gaps” is an understatement. This board does not have the industry track record, or clout to push back against management ».

   

Huit pièges à éviter en matière de diversité des C.A. !


Un autre excellent article de Richard Leblanc dans Canadian Business. C’est certainement l’article le plus percutant et le plus éclairant sur le sujet de la « diversité » des conseils d’administration !  À lire par toutes les personnes intéressées par la bonne gouvernance.  Voici les huit pièges à considérer. L’article est fascinant !
 

The eight traps of boardroom diversity

 

English: Whisky Society boardroom table lookin...
English: Whisky Society boardroom table looking towards president (Photo credit: Wikipedia)

« There are myths and vested interests in the movement toward boardroom diversity now underway in several countries. In this post, I’ll consider the “traps” and embedded myths, and in a later post propose solutions.

1. The “Defining diversity downward” trap

2. The “Business case” trap

3. The “Be careful” trap

4. The “Entrenchment” trap

5. The “We want a CEO” trap

6. The “It’s whom you know” trap

7. The “Prior experience” trap

8. The “Pipeline” or “Shallow pool” trap »

Exemple de révolte des actionnaires : Chesapeake Energy


Voici un article paru récemment dans le New-York Times et qui présente le résultat de la révolte des actionnaires lors de l’assemblée annuelle de Chesapeake Energy. On voit de plus en plus de situations où les administrateurs d’importantes sociétés sont l’objet de désapprobation de la part des actionnaires. La voix des actionnaires, par l’intermédiaire d’organisation comme ISS, se fait de plus en plus entendre et les C.A. doivent être de plus en plus vigilent.

Shareholders rebuke to the failed leadership of the board of directors at Chesapeake

Chesapeake Energy
Chesapeake Energy (Photo credit: Wikipedia)

 

Shareholders sent an angry message to the board and management of Chesapeake Energy on Friday, withholding support for the two directors up for election, rejecting the pay plan for top executives and urging the company to allow major shareholders to nominate their own board candidates.

Les actionnaires exigent plus d’information sur le processus de planification de la relève des CEO


Excellent rapport du Conference Board sur les responsabilités du conseil d’administration en matière de planification de la relève du CEO.

 

CEO Succession Planning : Current Developments

Given the importance of the CEO role within a corporation and the potential disruption that can result from an unexpected loss or change in top leadership, succession planning is considered one of a board’s most important oversight responsibilities. This report examines recent governance developments in the area of CEO succession, including shareholder activism during the 2011 and 2012 proxy seasons, and current examples of corporate disclosure and policies.

Despite the importance of leadership succession planning to a company’s continued success, companies, up until recently, rarely disclosed information about their succession planning processes to shareholders. Investors began asking for such information by filing shareholder proposals seeking annual disclosure about succession planning.

L’évaluation du conseil d’administration : Une pratique exemplaire


Cet article publié sur le Board Blog de Boardmember.com, présente les raisons pour lesquelles le processus d’évaluation des conseils d’administration est devenu, au fil des ans, une quasi-exigence.

En effet, une étude de PwC montre que 94 % des sociétés publiques ont mis en place des processus d’évaluation des membres de C.A. et de l’efficacité des C.A. Je vous encourage à lire cet article; il est cependant requis que vous vous inscriviez, mais vous trouverez plusieurs avantages à consulter ce site.

Ci-dessous, quelques extraits de cet article.

Boardmember.com

Board Evaluations: Honor Spoken Rules of Engagement

« I have always been a big fan of the benefits that can be afforded a company’s board after it undergoes a prudent board evaluation.  Next to executive board sessions, I believe a well-structured board evaluation is one of the best corporate governance practices of the last 10 years and it appears the practice is quite prevalent.  PwC’s 2011 Annual Corporate Directors Study found 94% of public companies conduct some level of board evaluation.  Obviously, that finding partly reflects the requirement by the NYSE for all its listed companies to conduct a board evaluation.  NASDAQ doesn’t require an evaluation as part of its listing requirements but has repeatedly promoted those benefits, as well.

Who should facilitate your board evaluation:  Let me start by saying who I think shouldn’t be the facilitator (the person who directly receives and analyzes the results):  The lead director, chairman, or the chair of the nominating/governance (or similarly named) committee.  And here is the logical reason: How can you evaluate the entire board and all its members if one of those members is conducting the evaluation, especially if the board member facilitator is part of the problem?  Will other board members feel comfortable criticizing the facilitator when that insider will then know what each board member’s comments were?  Now, I recognize that some boards are so collegial and candid with one another that this self evaluation can work, but I still don’t think that having an existing board member, regardless of title, creates the right environment for candid feedback.  Now, again, before I get swamped with readers who think the chairman or the nominating/governance chair should own this process, I don’t disagree.  I just don’t think that it makes sense for them to be the facilitator of the evaluation ».

Conseils aux C.A. sur la sélection de leur PDG et sur le processus de planification de la relève


Excellent article paru dans le Harvard Law School Forum on Corporate Governance and Financial Regulation, publié par David A. Katz et portant sur le rôle des Conseils dans la sélection des PDG et dans le processus de planification de la relève. L’article insiste plus particulièrement sur deux facteurs clés que les conseils d’administration doivent prendre en haute considération lorsqu’ils planifient ces activités cruciales au succès de l’organisation (1)  le nouveau PDG doit être en consonance avec la culture du Conseil et de la compagnie et (2) le nouveau PDG doit avoir une vision à long terme qui concorde avec celle du Conseil.

Vous trouverez, ci-dessous, quelques extraits de l’article que je vous encourage à lire.

 

Advice for Boards in CEO Selection and Succession Planning

There are two key corporate-governance related elements that should be near the top of a board’s list for evaluating potential CEO candidates, particularly when the board is not able to rely on the incumbent CEO to lead the succession planning process. The first is that the new CEO should be a good fit culturally with the board and the company. The statistics on CEO turnover cited above indicate that a newly hired CEO, even if he or she is eminently qualified and charismatic, can often turn out to be a poor fit for the company. Typically, every candidate on a board’s short list will possess adequate skills and experience to fill the CEO position. However, while a positive organizational culture is an important source of competitive advantage, cultural incompatibility can be a talented leader’s downfall. One example is the resignation of William Perez as the CEO of Nike in 2006. His departure after just over one year in the position was described by company founder Philip Knight as “a situation where the cultural leap was too great.” Perez was succeeded by an insider who had been with Nike for more than 25 years.

One of the new CEO’s most important responsibilities will be to set the appropriate “tone at the top” in accordance with the board’s long-term strategic vision for the company. It is important that the board establish the appropriate tone by way of example for the new CEO. The tone set by the CEO helps to shape corporate culture and permeates the company’s relationships with investors, employees, customers, suppliers, regulators, local communities and other constituents. This element of corporate culture, though hard to quantify, nonetheless is essential to both the board’s and the company’s abilities to function effectively, to meet all of their responsibilities, and ultimately to achieve success in their ventures. Establishing a consistent and positive tone will be difficult or impossible if the CEO does not fit well with the corporate culture created and espoused by the board.

The second key element is that the CEO should have a long-term vision for the company that accords with that of the board. A crucial aspect of this is the ability to resist the powerful forces of short-termism. Sheila Bair, in her final speech as FDIC Chairman last June, opined that “the overarching lesson of the [financial] crisis is the pervasive short-term thinking that helped to bring it about.” She cited short-term incentive compensation as a factor, along with modern technology that enables a “constant flow of information [that] only heightens [corporate executives’ and investment managers’] obsession with short-term performance at the expense of longer-term goals.”  This obsession is fed as well by the practice of issuing quarterly earnings guidance and the relentless pressures faced by management to meet that guidance every quarter. Daniel Vasella, chairman of Novartis, once famously described the “tyranny of quarterly earnings” as “a mindset that can hamper or even destroy long-term performance for shareholders.”

Le rapport de booz&co sur le processus de « succession » dans les organisations


Il y a peu d’études portant sur le processus de relève dans les organisations. L’étude de booz&co nous donne beaucoup d’informations vitales sur ce processus.

CEO Succession Report – booz&co

« Top pieces of advice for CEOs going into their first year— from CEOs who have been there

1. Deal with the obvious executive team changes as early as possible

2. Be wary of changing strategy too quickly, even if you think the current strategy is wrong

3. Make sure you understand how every part of the company operates and how it is performing

4. Build trust through transparency

5. Be selective in listening to advice

6. Find a sparring partner with whom you can discuss plans openly

7. Manage your time and your personal life with care

Voici quelques données de l’étude :

• CEO turnover rate was highest among the top 250 companies by market capitalization – just over 14 percent on average per year over the last 12 years, and nearly 2 percent higher than companies ranked 251–2,500 by market capitalization from 2000 to 2011.
• M&A-related turnover is traditionally higher among smaller companies; 2.2 percent of turnover among the bottom 2,000 companies stems from consolidation, compared to 1.3 percent at the top 100 companies. Turnover was highest in sectors that faced disruptive market forces
• Turnover rates in the energy, telecom, and utilities sectors were 19, 18, and 16 percent, respectively.
• In the diversified industry, leadership changes took place at a rate of only 6 percent.

Voir le rapport au complet pour de plus amples informations :

CEO Succession Report – booz&co

Documentation de l’ICCA en gouvernance des sociétés publiques, privées et OBNL


L’Institut canadien des comptables agréés (ICCA) a produit des documents pratiques, pertinents, synthétiques et accessibles sur presque tous les sujets reliés à la gouvernance. En fait, l’ICCA a été un pionnier dans l’élaboration de publications répondant aux questions fondamentales que se posent les administrateurs sur l’ensemble des thèmes se rapportant à la gouvernance.

Toute formation en gouvernance des sociétés réfère à cette documentation de base. Ainsi, le Collège des administrateurs des sociétés (CAS) et son partenaire canadien, le Directors College (DC), puisent abondamment dans les ressources documentaires de l’ICCA dont tous les grands cabinets sont membres. Ceux-ci sont également de précieux collaborateurs des programmes de formation au Canada. Ces documents sont révisés régulièrement afin qu’ils demeurent actuels et pertinents.

Participez au sondage !

 

boutiqueCA

Documentation en gouvernance de l’ICCA : collection de 20 questions

Vous trouverez ci-dessous une mise à jour de la collection de « 20 questions » à l’intention des administrateurs de sociétés. Si vous avez des questions dans le domaine de la gouvernance, vous y trouverez certainement des réponses satisfaisantes. Je vous encourage donc fortement à consulter ces publications. Vous pouvez les commander ou les télécharger.

Documentation en gouvernance de l’ICCA : collection de 20 questions

Les C.A. doivent croire en la valeur ajoutée de la DIVERSITÉ !


Le point de vue de , fondatrice du Canadian Board Diversity Council, dans le Financial Post, sur les effets positifs de la diversité. Il y a encore beaucoup de chemin à faire pour que le message passe clairement aux Boards des grandes sociétés cotées en bourse… mais plusieurs commencent à comprendre que la diversité est une importante valeur ajoutée dans l’efficacité des Boards.

Changing the face of boards

Why in 2012, is the federal government trying to nudge corporate Canada into changing the makeup of its boardrooms to include more women?

The answer is simple: Inclusivity is good for business. Yet, while Canada enjoys an incredibly diverse, multicultural talent pool of men and women, nominating committees continue to seek out the usual candidates: Caucasian men. But the cost to opportunity of maintaining the status quo instead of seeking out the best and brightest in a much larger talent pool is too great. Recognizing this, the federal government’s Economic Action Plan 2012 created an advisory council of leaders from the private and public sectors to promote the participation of women on corporate boards.

Research shows that everybody wins when there are more perspectives around the table. The government understands this. Business has been slow to come…