Governance

As a leader of an organization working with a Board of Directors, what questions keep you up at night?

Is your board leading the charge?
Is your board worth
the resources you’re investing?
Is your board really on board?
What if your board could take your organization to the next level?
Is your board optimized?

On the journey to success, boards need one thing: A Clear Path.

We provide evaluations of the role of the board versus management: Companies with boards are most effective when the roles of the board and management are very clear. Management is responsible for execution and the board is responsible for strategy and hiring and firing of the CEO. For companies that do not have a functional relationship between Board and management, we evaluate the current situation and make recommendations on a process that brings each of these roles in alignment.

We help to define the role of the advisory board: Smaller privately held companies look to having an advisory board to provide the advice to help the organization grow. We can assist the organization in preparing a gap analysis, make recommendations for the qualifications of the new directors for the position and even help identify potential candidates for the position.

We offer assistance with board succession planning: Just like management, Boards should be concerned about succession. It is our belief that board nominating committees should have a pipeline of candidates for when board seats become available. Companies change and evolve as they grow, and the board composition may also need to change. We can assist boards with a succession plan for their directors.

We provide assistance with governance: Greater transparency, more regulations and higher scrutiny in today’s business world have heightened the need for better board governance. There is a need for higher risk management, more accountability and transparency from management.

We develop Financial Literacy programs for board members: In the “new normal”, greater accountability, transparency and risk management are critical and investors and shareholders are holding boards accountable now more than ever. Having a solid foundation about accounting and financial statements, and the risks inherent in each, is critical, and yet many directors do not come with expertise in these areas. We can develop a financial literacy program for board members to help them identify and understand what they need to look for, some warning signs, key ratios and some of the information they would need to request from management.

We provide Board Coaching: Boards and management need to work together optimally. As a new Director, you want to add value from the beginning. We work with new Board members on the on-boarding process, and with management on how to work with the board. This includes training of new board members, and ongoing coaching of management working with boards or with boards working with management.

A Case Study:

BottomLine recently worked on a Board Governance and Financial Literacy program for a $1B Insurance Company. We were brought on by the Board Chair to evaluate the governance of the board, risk management measures, and the development of a financial literacy program for new and current directors. Many of the board members were not familiar with the insurance industry but had expertise in other key areas. Because of the complexity of the financials within the insurance industry and our expertise in this industry, we were asked to assist the board with this project. Our deliverables included:

  • Corporate governance initiatives, including definition of the roles of management versus directors;
  • Recommendations on the composition of the board package of financial information;
  • Board manual for new board members, including financial literacy program;
  • Recommendations on role of the finance committee versus greater board;
  • Policies to ensure transparency and integrity of organizational financials

BottomLine Understands Boards and Governance Needs

As a board member of two non-profits and one corporate board, the founder is actively involved in the role of the finance committees, the role of committees versus the board.

She has experience not only as a member of a number of boards, but has also completed training on a number of segments in the Maryland Banking Association’s training for Bank Directors including Strategy and governance.

 

BottomLine Growth Strategies is proud to be woman-owned.