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    Diversity and the Effective Corporate Board
    Diversity and the Effective Corporate Board
    Diversity and the Effective Corporate Board
    Ebook188 pages2 hours

    Diversity and the Effective Corporate Board

    By Ram Kumar Mishra and Shital Jhunjhunwala

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    About this ebook

    The book discusses the various aspects of diversity of corporate boards in terms of gender, age, nationality, tenure, education, experience and personalities. It enumerates the need for such diversity in each category and related concerns. Statistics from around the world support the authors’ claims. The nine chapters in this short book have not been previously published.
    • Explains the dimensions of board diversity and ways to use them to increase effectiveness
    • Supports its findings with statistics from around the world
    • Relevant for researchers and professionals working in corporate governance and corporate finance
    LanguageEnglish
    PublisherAcademic Press
    Release dateApr 16, 2013
    ISBN9780124105324
    Diversity and the Effective Corporate Board

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      Book preview

      Diversity and the Effective Corporate Board - Ram Kumar Mishra

      1

      Diversity—Toward an Effective Board

      Diversity is the art of thinking independently together

      —Malcolm Stevenson Forbes, Publisher of Forbes magazine

      1.1 Corporate Boards

      1.2 Board Diversity—A Must for Effective Board Performance

      1.3 Rationale for Board Diversity

      1.3.1 Rationale 1: Innovation and Creative Problem Solving

      1.3.2 Rationale 2: Acquiring Talent and Employee Relationships

      1.3.3 Rationale 3: Understanding the Business Marketplace

      1.3.4 Rationale 4: Access to Resources and Networks

      1.3.5 Rationale 5: Reputation Enhancer

      1.4 Constraints of Board Diversity

      1.4.1 Constraint 1: Group Conflict

      1.4.2 Constraint 2: Limited Talent

      1.5 Types of Diversity

      1.5.1 Observable Diversity

      1.5.2 Nonobservable Diversity

      1.5.3 Personality Diversity

      References

      1.1 Corporate Boards

      A board of directors is a group of persons elected or appointed by the shareholders to oversee the activities of a company. They are entrusted with the overall direction of the enterprise. The board’s powers and duties are determined by corporate laws and the bylaws of the organization.

      Does the board actually run the business? The company is owned by shareholders, who elect the board of directors to act as trustees and protect their investment and interests. The board of directors in turn appoints the management team, who have operational responsibility of the organization. The management periodically reports to the board of directors on the functioning of the organization. The board is answerable to the shareholders (see Figure 1.1).

      Fig. 1.1 Corporate Structure.

      The responsibility of the board is to manage the organization, and the responsibility of managers (i.e. the CEO and his team) is to manage the day-to-day activities or work of the organization based on guidelines, policies, and objectives laid down by the board.

      The objective of a company is long-term growth and sustainability. To this end, as representatives of the shareholders, the purpose of the board it is to oversee the functioning of the organization and ensure that it continues to operate in the best interests of all stakeholders. The roles of a corporate board of directors are three-fold (Figure 1.2) to:

      • Govern

      • Direct

      • Supervise

      Fig. 1.2 Role of Board.

      1. The board is responsible for governance, that is, ensuring the organization operates properly and effectively, and achieves its agreed objectives. Governance

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