fiduciary, strategic, and interpretive roles of the board
DESCRIPTION
Reminds a university's trustees about fiduciary basics and extends their attention to new strategic roles, with suggestions for action.TRANSCRIPT
![Page 1: Fiduciary, Strategic, And Interpretive Roles Of The Board](https://reader034.vdocument.in/reader034/viewer/2022042700/5538fefa4a79596f718b487a/html5/thumbnails/1.jpg)
How You Make a DifferenceHow You Make a DifferenceHow You Make a DifferenceHow You Make a Difference
Northwestern Health Sciences University Board of TrusteesNovember 7, 2009
Ellen‐Earle Chaffee, Ph.D.Association of Governing Boards of Universities and Colleges
![Page 2: Fiduciary, Strategic, And Interpretive Roles Of The Board](https://reader034.vdocument.in/reader034/viewer/2022042700/5538fefa4a79596f718b487a/html5/thumbnails/2.jpg)
Role of the BoardRole of the Board
![Page 3: Fiduciary, Strategic, And Interpretive Roles Of The Board](https://reader034.vdocument.in/reader034/viewer/2022042700/5538fefa4a79596f718b487a/html5/thumbnails/3.jpg)
Look Up, Out, Around, Down
![Page 4: Fiduciary, Strategic, And Interpretive Roles Of The Board](https://reader034.vdocument.in/reader034/viewer/2022042700/5538fefa4a79596f718b487a/html5/thumbnails/4.jpg)
Fiduciary and Strategic
![Page 5: Fiduciary, Strategic, And Interpretive Roles Of The Board](https://reader034.vdocument.in/reader034/viewer/2022042700/5538fefa4a79596f718b487a/html5/thumbnails/5.jpg)
Fiduciary and StrategicFiduciary and Strategic
E • FIDUCIARY: Are we doing what we are supposed to
• FIDUCIARY: Are we doing what we are supposed to
Ensure organization fulfills its pp
do?pp
do?fulfills its mission
• STRATEGIC: Will we exist• STRATEGIC: Will we existEnsure
organization’s STRATEGIC: Will we exist and succeed “forever?”STRATEGIC: Will we exist and succeed “forever?”
organization s long‐term viabilityviability
![Page 6: Fiduciary, Strategic, And Interpretive Roles Of The Board](https://reader034.vdocument.in/reader034/viewer/2022042700/5538fefa4a79596f718b487a/html5/thumbnails/6.jpg)
Fiduciary DutyFiduciary Duty
Duty of CARE Duty of LOYALTY Duty of OBEDIENCE• Decide and act in good faith
• Prudent person level of care
• Decide and act in the best interest of the organization, protect and support
• Faithful to founding documents
• Obey the lawcare and support
Where does it say, “Focus on finances???”
![Page 7: Fiduciary, Strategic, And Interpretive Roles Of The Board](https://reader034.vdocument.in/reader034/viewer/2022042700/5538fefa4a79596f718b487a/html5/thumbnails/7.jpg)
…and once in awhile, maybe……and once in awhile, maybe…
![Page 8: Fiduciary, Strategic, And Interpretive Roles Of The Board](https://reader034.vdocument.in/reader034/viewer/2022042700/5538fefa4a79596f718b487a/html5/thumbnails/8.jpg)
Strategic is NotStrategic is Not
Where are THEY looking, much of the time??Where are THEY looking, much of the time??
![Page 9: Fiduciary, Strategic, And Interpretive Roles Of The Board](https://reader034.vdocument.in/reader034/viewer/2022042700/5538fefa4a79596f718b487a/html5/thumbnails/9.jpg)
Strategic TopicsStrategic Topics
• Vision • ResultsVision
• Strategy
• Concepts
Results
• Long term
• Business planp
• Resources
• Future
p
• Customer wants/needs
• Evidence
• Expertise
• Support
R di
• Competition
• Quality
Effi i• Readiness
• Productivity
• Efficiency
• Brand, positioning
![Page 10: Fiduciary, Strategic, And Interpretive Roles Of The Board](https://reader034.vdocument.in/reader034/viewer/2022042700/5538fefa4a79596f718b487a/html5/thumbnails/10.jpg)
Strategic QuestionsStrategic Questions
• What are we missing?What are we missing?
• What would be the 5‐10 year impact?
d hi d ?• How does this advance our strategy?
• What are the key national trends?
• Have you had a [comprehensive physical, vacation, great learning opportunity, …] lately?, g g pp y, ] y
• Is there anything on your mind that we can help you think through?help you think through?
![Page 11: Fiduciary, Strategic, And Interpretive Roles Of The Board](https://reader034.vdocument.in/reader034/viewer/2022042700/5538fefa4a79596f718b487a/html5/thumbnails/11.jpg)
Strategic Engagement at NWStrategic Engagement at NW
• Academic Affairs Committee topics– Integrative curriculum, faculty development, research, metrics and progress
• Finance Committee topicsFinance Committee topics– Recruitment, retention, IT, capital/equipment needs, financing the strategy, metrics and progress
• Development Committee topics• Development Committee topics– Financing the strategy, alumni goals, partnerships, metrics and progress
C i T i• Committee on Trustees topics– Balanced Scorecard development, becoming a strategy‐focused university and board, metrics and progress
![Page 12: Fiduciary, Strategic, And Interpretive Roles Of The Board](https://reader034.vdocument.in/reader034/viewer/2022042700/5538fefa4a79596f718b487a/html5/thumbnails/12.jpg)
Board‐Staff Indiv. CommunicationBoard Staff Indiv. Communication
B d f TBoard of Trustees
University President Board Chair
University Personnel
![Page 13: Fiduciary, Strategic, And Interpretive Roles Of The Board](https://reader034.vdocument.in/reader034/viewer/2022042700/5538fefa4a79596f718b487a/html5/thumbnails/13.jpg)
G P idFIDUCIARY, STRATEGIC, AND INTERPRETIVE
Governance Pyramid
![Page 14: Fiduciary, Strategic, And Interpretive Roles Of The Board](https://reader034.vdocument.in/reader034/viewer/2022042700/5538fefa4a79596f718b487a/html5/thumbnails/14.jpg)
Integrated Systems TheoryIntegrated Systems Theory
INTERPRETIVEINTERPRETIVEC lt l S i l S tC lt l S i l S tCultural, Social SystemsCultural, Social Systems
STRATEGICSTRATEGICBi l i l SBi l i l SBiological SystemsBiological Systems
FIDUCIARYFIDUCIARYh i lh i l
Governance as Leadership: Reframing the Work of Non‐Profit Boards by Richard P. Chait, William P. Ryan, and Barbara E. Taylor, NY:: Wiley, 2004.
Mechanical SystemsMechanical Systems
![Page 15: Fiduciary, Strategic, And Interpretive Roles Of The Board](https://reader034.vdocument.in/reader034/viewer/2022042700/5538fefa4a79596f718b487a/html5/thumbnails/15.jpg)
Integrative Health CareIntegrative Health CareINTERPRETIVEINTERPRETIVE
Encourage, expect, explain, provide….g , p , p , p
STRATEGICSTRATEGICAre we increasing VALUE for students/patients?Are we increasing VALUE for the university/clinic?
FIDUCIARYFIDUCIARYRoot Cause Analyses
El t i P ti t R dElectronic Patient Record
![Page 16: Fiduciary, Strategic, And Interpretive Roles Of The Board](https://reader034.vdocument.in/reader034/viewer/2022042700/5538fefa4a79596f718b487a/html5/thumbnails/16.jpg)
Governance PyramidGovernance PyramidINTERPRETIVEINTERPRETIVELearn, communicate,
STRATEGICSTRATEGICStrategic thinkingBalanced scorecard
FIDUCIARYFIDUCIARYPolicies, audits, consultants