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Collection Highlights

Fostering Sustainability in Corporate Governance: Analysis

of the EU Sustainable Corporate Governance and Due
Diligence Directives Salvatore Principale

Corporate Governance Models A Critical Assessment 1st

Edition Mastrodascio Marco

Understanding the Company Corporate Governance and Theory

1st Edition Barnali Choudhury

The Most Beautiful 1st Edition Mayte Garcia

War Rocket Space Battles in the Atomic Age 1st Edition
Matt Beauchamp John Douma

The Complete Vegetable Cookbook A Seasonal Zero Waste

Guide To Cooking With Vegetables James Strawbridge

A Fractured Infinity 1st Edition Nathan Tavares

Discourse In and Through the Media Recontextualizing and

Reconceptualizing Expert Discourse 1st Edition Marina
Bondi

Advances in Advertising Research Vol XI Designing and

Communicating Experience 1st Edition Martin K J Waiguny
Sara Rosengren
Risk Management in Outer Space Activities: An Australian
and New Zealand Perspective 1st Edition Maria A. Pozza
 Management for Professionals

Martin Hilb Editor

New Living
Cases on
Corporate
Governance
Copyright © 2021. Springer International Publishing AG. All rights reserved.

New Living Cases on Corporate Governance, edited by Martin Hilb, Springer International Publishing AG, 2021. ProQuest Ebook
 Management for Professionals
Copyright © 2021. Springer International Publishing AG. All rights reserved.

New Living Cases on Corporate Governance, edited by Martin Hilb, Springer International Publishing AG, 2021. ProQuest Ebook
 The Springer series Management for Professionals comprises high-level business
and management books for executives. The authors are experienced business
professionals and renowned professors who combine scientific background, best
practice, and entrepreneurial vision to provide powerful insights into how to achieve
business excellence.

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an operation of:

The editor is Chairman of the International Board Foundation and most of the authors of the new
living cases are Partners of its International Center for Corporate Governance.
Copyright © 2021. Springer International Publishing AG. All rights reserved.

New Living Cases on Corporate Governance, edited by Martin Hilb, Springer International Publishing AG, 2021. ProQuest Ebook
 Martin Hilb
Editor

New Living Cases

on Corporate Governance
Copyright © 2021. Springer International Publishing AG. All rights reserved.

New Living Cases on Corporate Governance, edited by Martin Hilb, Springer International Publishing AG, 2021. ProQuest Ebook
 Editor
Martin Hilb
International Board Foundation and its
International Center for Corporate
Governance
St. Gallen, Switzerland

ISSN 2192-8096 ISSN 2192-810X (electronic)

Management for Professionals
ISBN 978-3-030-48605-1 ISBN 978-3-030-48606-8 (eBook)
https://doi.org/10.1007/978-3-030-48606-8

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New Living Cases on Corporate Governance, edited by Martin Hilb, Springer International Publishing AG, 2021. ProQuest Ebook
 Preface

The structure of the book New Living Cases on Corporate Governance is based on
our publication New Corporate Governance which is published in 10 languages
(Chinese, Japanese, Vietnamese, Spanish, Portuguese, English, French, German,
Croatian, and Farsi) and has received a gold medal in corporate governance by the
International Academy of Quality in the USA “for the exceptional contribution to the
principles and practice of quality in governance”.
We have asked the partners of our International Center for Corporate Governance
(www.icfcg.org), many of them professors in corporate governance (e.g., at IMD,
INSEAD, London Business School) or chairpersons or members of the board of
directors, to present a living case on corporate governance which can be used for
internal or public board education internationally.
Eighteen partners from 12 different countries have described unique cases they
have experienced in their field of board expertise in a specific country or business
sector or board function. The names, dates, and locations in all these living cases
have been changed to keep confidentiality.
We hope that these living cases will contribute to the development of corporate
governance practice.
Many thanks to Otto Strasser for his valuable translations/layout design and Ruth
Milewski for her professional publishing.
Copyright © 2021. Springer International Publishing AG. All rights reserved.

Note: Except as noted otherwise, figures and tables are compiled by the author.

St. Gallen, Switzerland Martin Hilb

1 March, 2020

New Living Cases on Corporate Governance, edited by Martin Hilb, Springer International Publishing AG, 2021. ProQuest Ebook
 Introduction: New Corporate Governance
in the Post-Crisis World1

What Is “New”

Based on the results of board evaluations conducted in various business sectors, the
following main weaknesses of current corporate governance practices have been
identified:

• Most national corporate governance guidelines propose a “one-size-fits-all”

approach which is dangerous; it may support good governance, but it does not
guarantee that the governance of a firm will become great.
• There is a lack of strategic direction in much of board practice.
• Board selection, appraisal, remuneration, and development often lack integration
and professionalism.
• Often there is a lack of in-depth know-how in risk management at the board level.

This chapter presents an integrated corporate governance framework called “new

corporate governance,” which is based on a reversed KISS principle:
Copyright © 2021. Springer International Publishing AG. All rights reserved.

• Situational
• Strategic
• Integrated
• Keep it controlled

1
This chapter is a revised reprint of “A Global Corporate Governance Forum Publication” by Martin
Hilb, issue 16, by International Finance Corporation, Washington CDC, 2010.
vii

New Living Cases on Corporate Governance, edited by Martin Hilb, Springer International Publishing AG, 2021. ProQuest Ebook
 viii Introduction: New Corporate Governance in the Post-Crisis World

This holistic framework for the direction and control of enterprises tries to
overcome the above stated weaknesses of corporate governance in the post-crisis
world. What is “new,” you may ask?
The new corporate governance framework integrates the interests of shareholders,
customers, employees, and the public. The framework comprises four parts which
are presented in this paper.

Keep It Situational: The Board as Change Agent

As a result of the many corporate scandals that have taken place around the world,
best-practice corporate governance guidelines have been developed in most
countries.
This is a positive development, although the following issues should be noted:

1. The Anglo-American model of governance is being promoted as the global

standard.
2. Soft laws do not necessarily address the soft dimensions of a firm (in other words,
laying down a new soft law does not replace the need for integrity in board
relationships and processes).
3. Best-practice guidelines are typically designed for large, publicly listed firms (and
hence they are often not suitable for small firms).
4. Good governance guidelines do not guarantee great governance practice.

In adopting corporate governance guidelines developed elsewhere, companies

should be aware of the best-practice guidelines for:
Table 1 Keep it situational
Listed companies 6¼ Non-listed companies
Large companies 6 ¼ Small companies
Copyright © 2021. Springer International Publishing AG. All rights reserved.

Public companies 6 ¼ Family-owned companies

Bank governance 6 ¼ Hospital governance
US companies 6 ¼ British companies

Hence, we base our approach on the principle: keep it situational. There is no

“one-size-fits-all” corporate governance approach.

New Living Cases on Corporate Governance, edited by Martin Hilb, Springer International Publishing AG, 2021. ProQuest Ebook
 Introduction: New Corporate Governance in the Post-Crisis World ix

Keep It Strategic: The Board as Value Driver

We propose four main preconditions for success in developing, implementing, and

monitoring corporate strategy:

1. A strategically targeted composition of the board team

2. A constructive and open-minded board culture
3. An effective board structure
4. Shareholder- and stakeholder-oriented board measures of success

These four components have to be integrated in a process, as shown in Fig. 1. At

each of the different levels, success measures are to be established relating to the
important stakeholder groups, and then the responses of members of these
Copyright © 2021. Springer International Publishing AG. All rights reserved.

Fig. 1 Keep it strategic

New Living Cases on Corporate Governance, edited by Martin Hilb, Springer International Publishing AG, 2021. ProQuest Ebook
 x Introduction: New Corporate Governance in the Post-Crisis World

stakeholders’ group are to be measured periodically in order to assess the perfor-

mance of the company leadership.
In the following subsections, each of the four preconditions for successful
development and implementation of corporate strategy is discussed.

A Well-Diversified Board Team

Peter Senge asked the question: “How can a team of committed board members with
individual IQs above 120 have a collective IQ of 60?” The question could be restated
as: “Where do good ideas on boards come from?” In response, Negroponte—
Founder of the MIT Media lab—says: “That’s simple. . . from differences.”
Together the above quotes are indicative of the fact that differences are an
essential part of the strategic potential of a team and that too many boards have
failed to create adequately diversified teams. Our suggestion for building differences
into board composition is to mix disciplines, team roles, demographic variables, and
stakeholder parts.

Well-Diversified Board Teams Consist of Members Representing All

Relevant

• Functional competences (e.g., auditing, risk management, HRM, marketing)

• Team roles (e.g., a controller, a critical thinker, a creative thinker)
• Demographic data (e.g., age, gender) and internal and independent members
• Stakeholder “hats” such as customers, shareholders, employees, and society/
environment

Each board member has to cover various aspects at the same time, e.g., functional
know-how: risk management/team role: critical thinker/membership: independent/
Copyright © 2021. Springer International Publishing AG. All rights reserved.

social data: very experienced female/stakeholders “hat”: shareholders.

A Constructive and Open-Minded Board Team Culture

We suggest that an effective board culture should consist of five factors: an outward,
learning orientation; a holistic perspective; a consensus orientation; a constructively
open, trusting environment; and a mix of global effectiveness and local adaptability
(we refer to this as “glocal”).

An Effective Board Structure

Our experience in board management reveals two extreme ways of structuring board
teams:

New Living Cases on Corporate Governance, edited by Martin Hilb, Springer International Publishing AG, 2021. ProQuest Ebook
 Introduction: New Corporate Governance in the Post-Crisis World xi

• A large board, operating through a number of different committees (such as

auditing, nomination, or remuneration committees)
• A small board of professionals

We Recommend a Third Way

A small, legally accountable, well-diversified board team, comprising a maximum of
seven members (including an independent chairperson, independent members, and
the CEO). We recommend that the board conducts its activities through only two
committees: an integrated audit and risk management committee and an integrated
board management committee which is responsible for nomination, feedback, remu-
neration, and development of the board and top management.

In addition, large public companies can add a large network council (not legally
accountable) whose members work in small projects teams, each of whom is
coached by one of the independent board members.

Shareholder and Stakeholder Measures of Success

A combined team of supervisory and managing board members need to develop,

implement, and evaluate a shareholder—and stakeholder-oriented board vision.
Such a vision should:

• Provide a roadmap for future direction

• Generate excitement about future direction
• Instill confidence and trust in leadership
• Offer criteria for success

If corporate success is measured against such a vision, it will necessarily reflect

both shareholder and stakeholder measures.
Copyright © 2021. Springer International Publishing AG. All rights reserved.

The Following Statement Can Serve as an Example of a Normative Guiding

Principle
“The primary role of the board of directors of this company is to help create long-
term value for its shareholders, customers, employees and society. The board
believes that the company should rank in the top quartile of peer companies in
total shareholder return (including the cost of capital), as well as in voluntary loyalty
levels of customers, employees and society as measured over 1 and 3 year periods.”
This strategic direction function is the basis for the targeted selection, evaluation,
remuneration, and development of board members and top management which will
be described in the next section.

New Living Cases on Corporate Governance, edited by Martin Hilb, Springer International Publishing AG, 2021. ProQuest Ebook
 xii Introduction: New Corporate Governance in the Post-Crisis World

Keep It Integrated: The Board as A Team

In order to achieve the conditions required for strategic board management described
in the last section, four key processes are recommended: targeted selection of
members of the supervisory and managing boards, targeted feedback on their
performance, targeted compensation, and targeted development (illustrated in
Fig. 2).
In the following subsections, we discuss the elements of the figure in more detail,
commenting on key principles and practices that can be used in their
implementation.

Phase I: Targeted Board Selection

The use of a one-page interview schedule is recommended to guide the specific

selection of board members. The interview schedule aims to score the potential of the
interviewee on a number of criteria (such as personality, social, professional, and
leadership competencies) from the perspective of at least three interviewers (at the
level of chairperson, the CEO, and another board member). After the interviewee has
been through at least two rounds of interviews, the interviewers hold a short meeting
during which they attempt to reach agreement in the score awarded for each item on
the schedule. Where a consensus cannot be met, further investigations are to be made
Copyright © 2021. Springer International Publishing AG. All rights reserved.

Fig. 2 Keep it integrated

New Living Cases on Corporate Governance, edited by Martin Hilb, Springer International Publishing AG, 2021. ProQuest Ebook
 Introduction: New Corporate Governance in the Post-Crisis World xiii

into the nature of the response. A suitability ranking is drawn up on the basis of the
final evaluation of each item.

Phase II: Targeted Board Feedback

After board members have been selected, it is natural to introduce an effective

feedback program for board members.
We recommend that feedback be linked to the collective performance of the
supervisory board and the individual performance of the CEO. In each case, there are
a number of dimensions on which the performance can be evaluated.
Targeted board feedback is only suitable if positive performance is rewarded and
actions are taken to address development requirements.

Phase III: Targeted Board Remuneration

Board members should be compensated in such a way that they perceive equity
based on internal, external, and corporate performance benchmarks.
The total net compensation package of a board member can be divided into fixed
(e.g., 40%) and variable (e.g., 60%) components. The variable component can be
made up of several measures of performance including:

• Long-term financial performance (3 years)

• Comparative value indices (e.g., 50% EVA, 20 percent customer loyalty, 20%
employee satisfaction, and 10% public reputation)
• Functional performance assessments (20% board committee performance, 30%
individual board member performance, and 50% corporate performance).

An important guiding principle in board remuneration is that every board member

Copyright © 2021. Springer International Publishing AG. All rights reserved.

expects financial compensation to be fair. Modifications of the package above or

below fair reward are unlikely to result in better performance, since board members
are generally driven by intrinsic motivations (Frey 2004). Thus, adequate and fair
rewards are important prerequisites for good performance, but motivation is primar-
ily affected through immaterial reward of good performance.

Phase IV: Targeted Board Development

Past board evaluations conducted by us have shown that in quite a number of leading
companies, management and board succession planning is not discussed in depth at
the board level. The board should ensure that development programs are in place to
enable the company to offer 80% (for example) of all vacant key positions in the
company to internal candidates. In this regard, the approach of having the CEO and

New Living Cases on Corporate Governance, edited by Martin Hilb, Springer International Publishing AG, 2021. ProQuest Ebook
 xiv Introduction: New Corporate Governance in the Post-Crisis World

her/his direct reporting vice presidents present their succession plans to the board
once a year has proved successful.
This procedure creates an opportunity for division heads to make a presentation to
the board, socially. If an opening arises at the top management level, the board will
be well prepared and can use the same form as that used for the targeted selection of
external candidates.

Keep It Controlled: The Board as Controller

In this integrated approach, the controlling or monitoring board dimension

encompasses the following functions (see Fig. 3).
Copyright © 2021. Springer International Publishing AG. All rights reserved.

Fig. 3 Keep it controlled

New Living Cases on Corporate Governance, edited by Martin Hilb, Springer International Publishing AG, 2021. ProQuest Ebook
 Introduction: New Corporate Governance in the Post-Crisis World xv

Fig. 4 Levels of boards

It may also be sensible to formulate some essential questions in a board meeting,

about which board members should be continually informed (Fig. 4). For example:

• Where is shareholder value being created and destroyed in the company?

• What are the major risks to which the company is exposed?
• What is the level of employee morale and voluntary loyalty compared to
competitors?
• What are the threats to customer satisfaction and customer loyalty compared to
competitors?
• What is happening to our corporate image?
• How does our strategy differ from that of our competitors?
• How is our stock viewed by the analysts who cover us?
Copyright © 2021. Springer International Publishing AG. All rights reserved.

Last but not least, the board has to evaluate board effectiveness on an annual basis.
This paper presents a “both-and” approach called “new corporate governance.”
The objective of this approach is to overcome the “either-or” thinking that currently
dominates corporate governance theory and practice, based on the principle
espoused by F.S. Fitzgerald that “The test of a first-rate [board] intelligence is the
ability to hold two opposing ideas in mind at the same time, and still retain the ability
to function.” (Fig. 5):

New Living Cases on Corporate Governance, edited by Martin Hilb, Springer International Publishing AG, 2021. ProQuest Ebook
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