Several boards carry out an annual self-evaluation, or an online quantitative evaluation, every three years based on the need to express and show good and ethical board behaviour. However, this is not the way forward if you ask Richard Leblanc, researcher at York University in the journal "The Corporate Board". He expresses that these simplified methods give an imperfect picture of the Board's work and efforts. Just as no one wants to assess a company simply on the basis of their accounts, one should not assess a Board of Directors based only on a quantified and outdated approach. If this method continues, Board evaluation can end up being a ritual tribal dance that adds no particular value to the company.
Board evaluations must not function as a tick in the compliance form. When basing your evaluation data from members' individual and biased understanding of what good board work is, you are taking the easy way out. One can quickly fall into a trap where the results become bland and the subsequent dialogue ends in a round of self-praise and self-glorification.
At Friisberg & Partners International, we specialize in Board Assessments. We go in-depth with a mix of qualitative and quantitative methods in the form of both online surveys, physical interviews and assessments. The data is used to uncover elements such as the Board's experience, their ability to collaborate & challenge each other and the management, collective knowledge and their professional competences. Bases on this data, the company's activities and the associated risks are analyzed along with the Board's work.
As an extra element in creating a truthful and in-depth evaluation, Friisberg & Partners Denmark recommends that the Management assesses the Board in addition to the Board's own self-assessment. Based on the full evaluation and the subsequent reporting, the Board has the opportunity to uncover the potential to become a better strategic player that matches and supports the Executive Board.
Overall, it is absolutely central to the utilization of the potential in an evaluation that the focus is not only on documenting the results achieved, but is seen as a resource for developing the Board; both in relation to current changes or future routines, structural conditions & long term knowledge building.
At Friisberg & Partners International, there is broad agreement that there is a correlation between external Board assessments and improved management quality. Board evaluations contribute to identifying strengths and weaknesses in the Board's functioning, which makes it possible to improve decision-making processes and strategic management. Furthermore, the evaluations contribute to an objective assessment of the Board's composition, working methods and efficiency. It promotes open dialogue and reflection on the Board's performance, which contributes to higher professional accountability.
As an additions service offering, Friisberg & Partners includes a targeted development and action plan as a part of our final report. This can lead to higher levels of engagement and performance.
Vedtag fra Erhvervsstyrelsen om kønsdiversitet på flere ledelsesniveauer trådte i kraft d. 1/1 2023. Det betyder skærpede regler for krav om måltal og politikker for kønsdiversitet i danske virksomheder.
De nye regler omfatter 2.387 store virksomheder, statslige virksomheder (herunder aktieselskaber) samt børsnoterede aktieselskaber (+313m DKK omsætning, +250 heltidsansatte, +156m DKK balancesum). Her er det nye mål for kønsneutrale virksomheder, af erhvervsstyrelsen, defineret som en 40/60 fordeling efter de juridisk bestemte køn.
Det er dermed heller ikke længere nok for moderselskabet at opstille måltal og politikker på baggrund af hele koncernen. Såfremt datterselskabet selv er omfattet af reglerne, skal disse opstille egne måltal og politikker, der skal sikre en kønsneutral ledelse fra øverste ledelseslag og to lag ned.
I samme anledning, foretages der en ændring i årsregnskabslovens § 99 b, hvor virksomheder der er omfattet af reglerne, fremadrettet skal angive statistik om nuværende kønsfordeling, måltal og politikker samt status på opfyldelsen af disse i ledelsesberetningen.
Nye tal fra Analyse & Tal viser, at 44% af bestyrelserne udelukkende består af mænd, hvor det kun er hvert femte bestyrelsesmedlem der er kvinde og hvert tiende bestyrelsesformand der er kvinde. Det betyder med andre ord, at knap halvdelen af Danmarks store virksomheder ingen kvinder har i bestyrelsen.
Hos Friisberg & Partners International har vi altid haft diversitet og softskills i sigtekornet i jagten på talent. Det stammer fra, at vi er en organisation med fokus på DEI, og at 60% af vores Man. Partner på verdensplan er kvinder. Vores grundholdning er at de bedst performende teams i et globaliseret marked, er dem med forskellige holdninger, perspektiver og kulturelle baggrunde. I 2022 har vi hos Friisberg & Partners Int. Denmark sourced lige knap 900 kandidater, hvoraf kønsfordelingen har været 50/50. Yderligere har vi i disse stillinger på topledelsesniveau placeret 45% kvinder og 55% mænd, hvilket bevidner om at vi gerne vil gå forrest, når det handler om at diversificere vores kunders talent pool.
Vi har på vores nylige 117’ende konference og dertilhørende Diversity Debate i København, bl.a. diskuteret; Hvordan virksomhederne selv kan fjerne barrierer, der hindrer kvinder i at søge topstillinger. Her er 3 overbevisende fund:
Yderligere, hvordan vi kan sikre at vores kunder bliver bedre til at tiltrække kvindeligt talent, nemlig gennem;
Som en del af et Europas ældste executive search firmaer, har vi i Friisberg & Partners International Denmark, redskaberne der skal til for proaktivt at hjælpe jeres virksomhed med at fremme diversiteten på ledelses og bestyrelsesniveau. Det foregår gennem at arbejde med realistiske indsatser for at udarbejde politikker, måltal og for at tiltrække diversificeret talent. Er din virksomhed blandt de 90% som har underrepræsentation af kvinder og ønsker I at ændre dette? Vi tør godt gå forrest, tør i?
Se vores udvalg af services på: https://friisberg.com/services/
Appendix:
https://www.scielo.br/j/cebape/a/WPJBgkq5ByTv7y9ZVsjBp5w/?lang=en&format=pdf
https://friisberg.com/balanced-boards-2/
https://www.ft.dk/samling/20211/lovforslag/L117/baggrund.htm
Our own Diversity & Inclusion gives us a huge and sustainable advantage over our competitors. Gender parity is vital to any workplace - not just because it’s a laudable goal; it simply makes bottom-line business sense.
The event started with some inspiring introductions from our guests:
who shared their thoughts, knowledge, and experiences regarding diversity throughout their own careers and at CXO and Board level.
This led on to a larger group discussion where we debated how Friisberg & Partners must continue to promote increased gender diversity for our clients.
Gender diversity helps us to attract and retain talented women. No company can afford to ignore 50% of the potential workforce and expect to be competitive in the global economy.
We know that only the highest-performing teams, those with different opinions, perspectives, and cultural backgrounds will ultimately succeed in the global marketplace. We encourage different viewpoints, ideas, and market insights, which enables better problem solving, leading to superior performance.
We make sure it enables us to understand the unique needs of our clients and find innovative ways of addressing those needs.
All our teams have a diversity of genders, as well as backgrounds and ethnicities. But we know that hiring women, transgender, or nonbinary people into our workplace isn’t enough. – we empower our teams to not only reach, but exceed their full potential.
This week our October conference is being held in Copenhagen and our Danish colleagues are looking forward to welcoming us to their beautiful city.
As ever, our conference will feature a rich programme of keynotes, presentations, workshops and panel discussions which will provide critical content to help our consultants, and the clients they serve, thrive.
Friisberg has a special and constant focus on Diversity and this conference will focus on gender diversity at CXO level.
We have invited several successful leaders to join us and share their opinions on this important topic.
We know that successful organisations must be prepared to adapt and evolve as the world around us changes. However, the impact of social crisis and economic dislocation also calls on us to reflect on how we work, what we believe, and what matters most.
We are looking forward to meeting old friends, making new friends and all being together again.
If you decide to recruit Board members on your own instead of turning to a professional executive firm, it will result in lost opportunities and lower turnover.
Furthermore, it is not enough simply to elect Board members and a Chair, based solely on their professional competences. It is often overlooked, but far more important, can be the personal competencies that the headhunter puts into sharp focus.
An analysis from the Centre for Corporate Governance at Copenhagen Business School indicates that companies can increase revenue by between 25-40% by having a diverse and professional Board. However, about half of the Boards in Denmark are occupied by family members - and that is an issue. The human nature of the owners is governed by the power of habit and the aspect that it is difficult to replace oneself or a family member. That is why we see Boards that are characterized by:
In recent years, we, Friisberg & Partners International Denmark, have experienced a greater interest from companies, who acknowledged that a professional Board can be a competent and strategic tool to increase the growth and development of a firm. The increased interest is supported, among others, by external advisors such as EY, who through their workshops and dialogues assure the owners about the advantages of having non-familial members on the Board.
When an owner has decided to strengthen the Board or when a current Board member quits, we are contacted to ensure the circle of potential candidates becomes wider and more diverse. The owner has often given some consideration to which professional competencies the company should have replaced in the Board of Directors. Typically, these competencies reflect the stand of the current situation of the company and partly the qualities and competencies the outgoing Board member possessed, and which are now to be replaced.
Having the Board’s professional competencies described is one of the prerequisites for any successful Board recruitment. The Board’s competence descriptions contribute positively to an overview of which competencies the Board possesses and which are desired in the future. However, this alone is not enough to achieve the successful recruitment of a new Chair or a new Board member. There are many different perceptions of what it takes for a Board to create value and therefore it is important to clarify what kind of value creation is needed – and in addition to this, to understand the human side of Board work.
We are of the opinion that effective Board work takes place in the interaction between different people. It is simply not just the interaction in the Boardroom that is significant. The dialogue with management, employees, local business partners, authorities, costumers, and suppliers etc. further contributes to the positive dialogue and the value creation. So, one is the professional skills such as financial literacy – another is the personal competencies which are most often overruled in the recruitment for a new Board member.
We work with six key competencies that the Board Chair or member must have to create value. Often, a Chair of the Board is elected from the existing Board, therefore the Chair's competencies are advantageous for all members of the Board.
The prerequisite for a good working relationship requires that one can speak the language and appreciate the concerns of management that every CEO faces. Moreover, having a sharp business judgement, deep understanding of the company’s strategy, how it operates and the human issues.
Many members are very adamant in their opinions, and it requires a special competence to be able to listen, understand and read between the lines when other members argue their positions. In addition, to be able to listen to, understand and support a CEO when the person expresses a reservation towards the Board’s decisions.
We have seen Boards where there are many strong personalities = alpha males/females (it can be both men and women), who are used to being top manager and thereby take their “director” behaviour into the boardroom. It inhibits the good, constructive, and idea-generating dialogue. Therefore, it is an important competence to hold back and to support that everyone around the table has their say.
It is incredibly important to have the ability to establish relationships and to be able to work with the DNA that the specific Board and management have. It should be easy and safe for the CEO to approach the Chair of the Board and have a confidential conversation.
The candidates of the Board of Directors must be in a place in life where they are in balance. That is where they have or have been successful in their careers and where they have no need to become No.1 or feel that they have yet to achieve a top position - that is, not dreaming of taking over the CEO’s office or longing for operational control. It is a high sense of self-worth, a “commitment” for the good of the company, without a trace of a personal agenda, which is something we especially ask about during the recruitment.
It is necessary to uncover how much time the Board member is ready to spend on Board work. It is far from certain that it is “merely” four meetings a year. There can easily be situations where the meeting frequency will be much greater, and you must be ready to spend the necessary time between meetings. Emergency situations can always arise where a Chair of the Board or the entire Board of Directors must step in at short notice. It can be crisis situations, and in such times, it is the personal perseverance and drive to overcome a crisis that is essential. All things considered, it is especially the ability to confront these stressful situations and to avoid the organization becoming paralyzed, if they occur, that is central.
Susanne Becker Mikkelsen,
Partner Denmark
Jacob is looking forward to being a part of the Friisberg family and working closely with colleagues and our clients in Denmark, the Nordics and globally.
With a LLM from Copenhagen University and a BA in Business Administration with a focus Organization Development, he has experience working within financial institutions, non-Governmental organizations, and within the Energy and Utility markets.
Over many years he has worked with both large international companies and small boutique firms within HR, Talent Management, Executive Search and Leadership & Organizational Development. His clients include those within the legal, Financial, Engineering, Energy, IT and Healthcare sectors.
Jacob has a strong focus on identifying, matching and developing competencies and talent, and merging it with culture and organization in order to reach expectations. He is a trusted advisor to Boards, owners and management teams, advising on strategy, HR, leadership and corporate development.
With a genuinely international outlook he finds different cultures enrich organizations and life.
When not working Jacob enjoys open water swimming, alpine skiing, MTB and road biking. He loves to travel with family and friends, meeting and getting to know new people and cultures.
An interview with Anders Blom Monberg, Country Manager for Protector Insurance Denmark.
Working from home can be a challenge, even when you know the job, company, and stakeholders very well. When you are new however, you must learn everything in the virtual world.
Many things have changed during this pandemic and onboarding sure is one of them!
At Friisberg & Partners we hear from many CEOs and understand that it has been extraordinarily demanding to get into the new role when the employees and managers work from home. However, many of the CEOs are also finding benefits and new opportunities with getting an online start, instead of a physical presence.
The Country Manager at Protector Insurance Denmark, Anders Blom Monberg shares his thoughts about how he has handled an unusual onboarding when he started his new position on January 1st, 2021.
What considerations did you make before you started, knowing that the offices were empty, and everybody was working from home?
“Before I started this role, many people had already been working at home for a long period of time. I am therefore used to being a leader in a virtual world, and my colleagues are used to the same. It was a big help that we all knew what we were dealing with and had adapted beforehand.”
Did you have an introduction plan?
“Yes. Protector Insurance had given me an introductory plan, and many of my
Friisberg Denmark recently hosted the "Gå-Hjem Møde" at its offices in Copenhagen, in cooperation with Dreams & Details Academy, on the new requirements for boards.
Together, we offered interesting insights, including a presentation from Jim Hagemann Snabe, which prompted much discussion amongst our guests.
Topics such as the need for boards to reinvent themselves and the constant need for new and up-to-date competences were discussed.
Susanne Becker Mikkelsen thanks everyone for attending, and for making it such an exciting, valuable and enjoyable evening!
