The team at the Practising Law Institute has made another free article available from their great (and inexpensive) series of publications. "Ten Board
Challenges for 2005", by Ira M. Millstein, Holly J. Gregory and David P. Murgio (Weil, Gotshal & Manges LLP), "is instructive on the balance between good governance and successful business". As the authors point out, best practices must be put into the appropriate context:
"Adoption of governance best practices should not
foster board complacency. Best practices is not the endgame; the endgame is the best competitive performance the corporation is capable of. As boards look beyond reform implementation, the challenge is to get down to business, focusing on corporate strategy and its execution and, in particular, on understanding the key risks to the drivers of corporate performance, and how management is controlling for such risks."
Download Ten Board Challenges for 2005 at PLI today (PDF Download).
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