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From Maximizing Short-Term Shareholder Value to Creating Long-Term Value
Published online by Cambridge University Press: 16 November 2022
In Chapter 3, I argue that boards of directors should develop their own perspective on the future of the firm in collaboration with the CEO, and design a strategy road map. In most industries, companies are experiencing disruptions as a result of technology, protectionism, climate change, geopolitical risks and new consumer preferences. The strategy road map should include various dimensions: what makes the firm unique, its value proposition for customers, the required capabilities and resources to compete, specific strategic choices to sustainably create economic value and the type of firm the board would like to develop in the long term. The board of directors should provide a context where members can effectively reflect, discuss and approve the company’s strategy. The board should not only approve the firm’s strategy: It should offer an effective context for discussion and reflection on the strategy, business model and key decisions.
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