Read more
"On March 29, 2019, Tim Sloan, CEO of Wells Fargo, announced he would step down immediately as the bank's chief executive. He had held that position since October 2016 when the bank's cross-selling and fake account scandal became public. Some Wells Fargo's senior managers in the retail bank unit had set ambitious sales objectives and introduced aggressive compensation incentives, pushing salespeople to increase cross-selling of financial products and open millions of unauthorized checking and credit card accounts. Customers were also overcharged for some services they had never purchased (Srinivasan et alia, 2017). Earlier that month, Sloan had appeared before the U.S. House of Representatives Financial Services Committee and the Office of the Comptroller of the Currency to offer his views on the Wells Fargo scandal. His comments sparked sharp criticism among U.S. lawmakers. They took issue with his failure to acknowledge any personal responsibility and were unconvinced he was the best fit to continue as Wells Fargo's CEO. Two weeks later, under intense pressure and growing scrutiny from shareholders and media, Sloan announced his resignation"--
List of contents
Introduction; 1. The changing nature and functions of boards of directors; 2. Boards of directors and purpose: From monitoring to Stewards of the firm's purpose; 3. Boards of directors in corporate strategy: From maximizing short-term shareholder value to creating long-term value; 4. The role of the board of directors in corporate transformation; 5. The board in CEO and senior managers selection, development and succession; 6. From board structure to boards as effective teams; 7. From compliance to an engaging corporate culture; 8. Engaging shareholders and key stakeholders; 9. Assessing the firm's overall impact; 10. Effective boards of directors for better governance: Creating a masterpiece.
About the author
Jordi Canals is the IESE Foundation Professor of Corporate Governance and President of the IESE Center for Corporate Governance in Barcelona, Spain. He has published widely on corporate strategy and corporate governance, was the Dean of IESE Business School (2001–2016), and is or has been a board member in several international companies, as well as in universities and foundations.
Summary
Boards of directors have a central role in helping their organizations adapt and transform in times of accelerated, disruptive change. This book shows directors how to develop new competencies and strategies and adopt a holistic view of the board's functions, in order to steer their companies through upheaval and crisis, with purpose.
Foreword
Presents a new model of boards of directors, focused on purpose, strategy and culture, to successfully navigate corporate disruptions and crisis.
