BOARD ADVISORY SERVICES IN NIGERIA
Boards and individual directors has a very important role to play in the governance, risk and strategy oversight of their organization. The business industry evolves every day and the boards of organizations struggle to gain control of their agendas, fulfilling their compliance obligations, overseeing the organization’s strategy, risk and meeting the expectations of stakeholders.
Boards must be operating effectively, be fully cognisant of their collective and individual responsibilities, able to make informed decisions based on an understanding of the key issues impacting their business strategy and be supported by robust governance frameworks.
Board governance can be defined as the framework that guides and structures the board of an organization and how it operates. Board governance includes the board responsibilities and the well-being of the business organization. When the board understands the division of responsibilities among the members and the committees and also how to work well with the management in order to perform better
In summary, board governance is the ability of the board to exercise its authority, to influence, to control and to direct
Although every board is unique, they all share common legal and regulatory characteristics. The following are some of the questions you need to ask when thinking about the board of your organization
- How many people are on it?
- How are the communities structured?
- Is the president or organizational leader a member of the board?
- How often does the board meet?
- Is there an executive committee?
TYPES OF BOARDS OF DIRECTORS
There are two main types of board namely the for profit boards and the not-for-profit/government boards
- For-profit boards
For-profit boards are value based on capitalistic market determinants and they are accountable to the shareholders of a business organization. For-profit directors are elected or appointed by the owners or shareholders to govern the company. They are accountable to the owners or shareholders for the outcomes, usually the financial standing or position of the company.
- Not for-profit and government boards
This category are value based on policy determinants and they are accountable to members of the state. Not-for-profit directors are similar to for-profit with two distinctions. Firstly, not-for-profit owners are those with a stake in the existence or outcome of the business. That is, the community served, employees, donors, volunteers, etc. Secondly, determination of the purpose. Why does the company exist? See the articles of corporation, vision statement, and mission statement.
TYPES OF BOARDS BY FUNCTIONS
- Advisory board
This category provides advice and counsel to a higher power or authority. They are absent of legal authority and they are not responsible for their actions.
- Fiduciary board
A fiduciary board has legal authority and responsibility for the well-being and success of the corporation. A fiduciary board and its directors are individually and collectively responsible and accountable for the board and their actions.
STATUARY DUTIES OF BOARD OF DIRECTORS
There are 3 main statuary duties of board of directors which include the following:
- They must place the organization’s interests above their own personal interest
- They must act in accordance with the law and the organization’s charter, by-laws and policies
- They must also act the way a prudent would act in similar circumstances
Other duties of the board includes:
- Determining the organization’s mission and purpose
- Recruiting and hiring the CEO
- Providing ongoing support and guidance
- Reviewing the CEO’s performance
- Ensuring effective organizational planning
- Provides oversight for the organization’s programs and services
- Enhances the organization’s public image
WHO WE ARE
Shareholders and the corporate society expect a whole lot from the board of directors of business organizations and there is a growing and increasing demand from senior executives to ensure that their boards provides judgement and wisdom on how to do things better by taking advantage of global and technological opportunities and also achieving growth and stability of the organization.
At Qeeva Advisory we provide board advisory services to various organizations in several industries. We partner with you in building the best boards of directors possible. Through the previous board consulting and advisory services that we have handled over the years, we have encountered a broad range of topics and accumulated insight on issues that your board will encounter
We have deep experience in helping boards of director source and develop leadership talents, both on the board and in CEO succession projects. As a consultant we deliver practical and impartial advice on all aspects of board performance and effectiveness. For more than 18 years, we have been providing an integrated suite of board advisory services to all our clients in Nigeria.
At Qeeva Advisory, we provide the following board advisory services
- Board composition and compensation
- Board effectiveness and assessment
- Director recruitment and on boarding
- Governance best practices
- Leadership succession and development for chairmen, directors and CEOs.
- Board assessment
- Board Training & Development
- Board HRIS (Litigation Mitigation)
- Strategic & Succession Planning
- Reference Checking & Board Compensation
- Merger & Acquisition Consulting
- Change Management & Outplacement
- Leadership Audits & Evaluations
- Turnaround Management
Our goal is to ensure that organizations attain a panoramic board perspective that can be utilised towards realising the company’s business objectives and goals. We bring a flexible approach and customized solutions to each board engagement.
WHY YOU SHOULD HIRE US FOR YOUR BOARD ADVISORY
As one of the leading firms providing board advisory services in Nigeria, you should hire us because:
- We have experience in delivering effective and efficient board advisory services and we are known for our extensive research and thought leadership pm board related issues
- We create bench marks and help organizations improve their current governance for better practice with sustainability and growth of the organization
- We undertake tailored board training around risk, strategy and governance to assist boards to meet their fiduciary members
- We carry out board and the board committee evaluations that will identify areas of strength and weaknesses in the skills, behaviours, board meetings effectiveness, board reporting, board composition, stakeholder engagement, risk and strategy etc.
- We also assist with the development of board support tools including board documents, policies, processes that underpin a robust governance framework of risk management, strategy formulation, monitoring and assurance
- We have an in-depth understanding of how boards work and extensive experience in providing practical advice to boards of various organizations on their governance needs
- We are very proficient in shaping up the corporate governance agenda in various organizations
- We assist directors and boards to understand their corporate governance responsibilities and enhance their effectiveness in discharging these responsibilities
- We work alongside board, helping directors seeking a more strategic approach to fulfilling their duties or an alignment of governance and corporate performance including clients that need to know that critical information is reaching the boardroom with quality in a timely manner
- We enhance the board’s business insight, improve returns by more effectively optimizing investments, create new sources of efficiency by reducing risk, clarifying the quality of earnings and financial position and enabling and accelerating growth.
We have provided the best practices and board room trends to the following clients
- Non-profit organizations
- Family owned businesses
- Public/government organizations
- Private businesses
- Service Providers
- Oil & Gas
- Government agencies
- Health Care
- Finance & Insurance
- Real Estate
- Professional & Technical Services
- Trade: Import & Exports
At Qeeva Advisory, we take particular pride in our deep experience helping boards of directors to be fully effective. Depending on the board‘s specifications, we provide board, committee and director evaluations; analysis of board composition and multi-year roadmaps for refreshing the composition; and consultation on specific issues such as management oversight, board involvement in strategy, and corporate guidelines. For more information on the board advisory services that we offer, you can contact us on 08023200801, 08075765799, Email: email@example.com