Friisberg & Partners International has a Practice Group that addresses the additional issues and needs specific to a Board of Directors.
There are ongoing discussions at a European Union level as well as within individual countries about Corporate Governance and Board Development. Several European countries are considering whether to legislate on Corporate Governance and Board Composition. Good Corporate Governance has been identified, especially in the financial sector, as a method to prevent future financial crises. Well-governed companies have more credibility, better access to financing and enhanced shareholder value.
The purpose of Friisberg's Board Services Practice Group is to advise and assist our clients on Corporate Governance and Board Development issues, such as board evaluation, board composition and board member searches, organisational risk assessment, etc.
A professional board evaluation, based on the chosen CG model, forms a platform for efficient Board Development. It is usually done through informal discussions within the board, in one-to-one sessions between the chairman and the other board members. However, experience and studies have shown that board evaluation works best when it is performed by an external, objective expert.
Board member search
Is the board of the right composition? How does it need to be strengthened? Can, for example, a foreign board member bring additional competences to the board? What does an “ideal” board member look like? These are some of the key questions. Friisberg's consultants have long experience of board member searches locally, regionally and cross-border.
Organisational risk assessment
Risk assessment, not least organisational risk assessment, is one of the board’s most important responsibilities. Has the company the right CEO and executives to implement the chosen strategy? Have those of “high” potential been identified? These questions are especially important in mergers and acquisitions.
Friisberg's Board Services Practice Group has also initiated Board Surveys. Such studies have revealed prevalent board practise as well as clear development areas. They also highlight interesting differences between countries!
Friisberg's Board Services Practice Group is composed of senior level consultants in several different countries, led by Practise Group Leader Kurt Kääriäinen in Finland.