According to Jim Collins in his book Good to Great he says you should have the right people on the bus, then worry about the right seats on the bus. If you don’t have women on your board then you have an empty seat on your bus and you are missing a trick. According to Fiona Hathorn Managing Director of Women on Boards UK: “…But why is diversity important for business? Because diversity makes us smarter, improves margins and increases a country’s GDP as business grows faster.
Automation causes anxiety. Artificial intelligence (AI) causes even more discomfort. If you haven’t heard, we are officially in the fourth industrial revolution and artificial intelligence is already applied all around us. AI will continually become more prevalent in our daily and business lives – apparently to our benefit.
The first element of incorporation in South Africa is quite logical and self-explanatory and it is clear unless a company has expatriated to a different country – even then there will be a paper trail. To determine the meaning of “effective management” there are case law and SARS has issued interpretation notes.
Successful companies are one of the crucial cornerstones of a thriving economy. Exceptional financial returns and healthy profit margins tend to be the natural primary focus of most companies. However, a company cannot exist in isolation and forms part of a complex interconnected business ecosystem.
The reality is most executives struggle to write reports to the board. I have attended board meetings where the board pack exceed 500 pages and 2 lever arch files. That is not ideal. In fact, I have come to slightly mistrust managers who submit large packs as I am wondering what is hidden in this overload of information. Many managers have told me that boards are never satisfied with the information and some directors are always asking for more information
In many organisations the taking of minutes at meetings is the responsibility of the personal assistant. It makes sense as these people understand the organisation. This works well for executive meetings, but unless your PA has had training or exposure on a board level the minutes that they draft might not be correct in terms of the Companies Act requirements.