How to Become a Finance Expert on a Board, with Kevin Rauckman
Realizing the importance of financial mastery in the boardroom
A board composition matrix identifies the skills, knowledge, experience, and capabilities desired of a board to enable it to meet both the current and future challenges of the entity.
The creation of a board skills matrix is an opportunity for considered reflection and productive discussion on how the board of directors is constituted currently and also how it believes it should best be constituted in the future to align with the strategic objectives of the entity. The board skills matrix should always be tailored to the unique circumstances and requirements of the company concerned.
While developing your matrix, the trick is to focus on the actions needed. Consider what people will do rather than what people are. This can be done by asking two questions:
a) What are the three most important things for our board to accomplish this year?
b) Do we have the right people on the board to make those happen?
As we begin our discussion surrounding the board composition matrix and kick-off our mini-series predicated on this idea, we welcome Kevin Rauckman to the show. Kevin is the first member of our board composition matrix mini-series and brings with him unmatched financial expertise. From his experience in global technology, financial services, and manufacturing Kevin has picked up invaluable knowledge which he shares with us today.
In today’s episode, we explore the elements that contribute to financial reporting, growth, business strategy, and operational execution. Today’s episode also addresses many of the challenges aspiring directors may face while trying to land a public company board seat. Kevin’s experience ascending the boardroom ladder helps us learn from his successes, but also the lessons he’s learned along the way.
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