Corporate Governance and Board Work in Finland –Training: Board’s Role in Strategy Work
03.03.2023
Boardman‘s Corporate Governance and Board Work in Finland –training continued 28.2.2023. The topic of the second module was the board’s role in strategy work.
Boardman‘s Corporate Governance and Board Work in Finland –training is aimed for international executive and management board members working in Finland or in Finnish companies.
The training is an intensive and interactive course that can be attended online from your preferred location.
JT Bergqvist and two fireside chats gave a closer look for board‘s role in strategy work
JT Bergqvist, Boardman’s Partner, was the first speaker of the event. He discussed more closely board‘s role and strategy work in different kinds of maturity stages of a company.
Bergqvist’s presentation was followed by a fireside chat “Strategy processes: What to include?” moderated by Boardman’s CEO Taru Lindeman.
Guest speakers on the chat were Carmen Ene, CEO at BNP Paritas 3 STEP IT and 3stepIT, Liselotte Hägertz Engstam, Chair of Boards Impact Forum, Non-Executive Board Director and Advisor, and Delphine Mousseau, Independent Consultant, E-commerce Expert and Board Member.
The evening culminated with fireside chat “Strategy processes – Involvement of owners, board, management” moderated by Riku Asikainen, Managing Partner, Founder at Evli Growth Partners and Boardman Alumni member.
Guest speakers on the chat were Juha Peltola, CEO at Vaaka Partners, and Peter Therman, Partner of Boardman.
It is the board’s role to make a business renewal strategy
In the beginning of a company, there is no board. As the company grows, the board becomes more professional and the role of the CEO changes more operational. At this point, it is no longer the CEO’s duty to think of vision and strategy, it is the board’s duty.
In order for the board to get better, it needs to develop its teamwork. This means board members need to spend more time with each other, outside board meetings as well.
If the board does not function well in a team, it may be that not all board members feel comfortable sharing their views with the whole board. Also, cultural differences need to be taken into account: for example, in France things are not discussed in board meetings as straight as in Finland.
It is the board’s, not consultants, duty to make a business renewal strategy. The board can hire an external consultant to provide information on trends and competitor standings in the industry, but the strategy renewal process itself needs to be left for the board.
Once the strategy is formed, implementation begins. Implementation can be very hard. Although, a strategy is not a good strategy if it cannot be implemented in the firm. When the strategy is formed, board members need to understand the firm’s capabilities and develop a strategy based on these.
Forming a new strategy and implementing it are not easy tasks to do, but they are a must. Without continuous renewal efforts, failure is likely.
The paragraph is written based on the presentations and discussions taken place on February 28th.
The training consists of four different modules
Boardman‘s Corporate Governance and Board Work in Finland –training is organized once a year, generally in Spring term. Participants may attend the whole training course or the modules they like.
After the training, participants have more knowledge of four different modules:
- the role of the board and board members in Finnish companies,
- strategy work,
- reporting and control, and
- people related topics, for example, how to select a CEO.
The first module, which focused on the role of the board and board members in Finnish companies, was organized 31.1.2023. Read more about it here.
Registration is open for the two remaining modules
If you are interested in joining the next module or modules, registration is open on our websites. Click here to register and to read more about the program and the speakers.
Module 3: 28.3.2023, 16.00–19.00, focuses on financial reporting and internal control.
Module 4: 25.4.2023, 16.00–19.00, focuses on the right people in the right place.
All modules are arranged in a hybrid model, which means it is possible to attend from the Boardman‘s office (Urho Kekkosen katu 2 C) or Zoom. Modules are hold in Finnish time (UTC+2).
Program fee for one module is 1200 € + VAT per person.
Dive into Finnish Board Work, and take your skills to the next level
by signing to the course!
Boardman’s program provided practical insight into Nordic corporate governance, culture, board practices and issues such as financial reporting and risk management. Most importantly, it provided the platform for an incredibly valuable professional network which fosters dialogue, learning and growth. I am delighted to have participated in the program and proud to be a Boardman alumni.
– Laura Vargas, Founder of Leading with Purpose
A very insightfully condensed overview on Board practices and work relevant to Finnish companies of all sizes. The course covered the essential parts of board work with a Nordic twist.
– Lars Hellström, Head of Strategy & Business Development at Helvar
More information and inquiries:
Taina Brandstack
Project Manager
+358 44 0199 553
taina.brandstack@boardman.fi
