Who owns strategy? Most would say, the Board. But the quandary comes in who then initiates and develops the strategy and how does that process contribute to both ownership and relevance. If the CEO drives the process, is it more theirs than the Board?s; and yet how does a Board not working in the industry actually ensure relevance if they drive the strategy on their own?
My preference is a blend of the two. Taking time to let the CEO and Senior team do the research and some of the recommendations that ensure relevance to the world they need to operate in, and then taking the Board through a thorough examination of that logic and set of assumptions. The ability to drill down into the recommendations creates both a keen understanding of those recommendations, often bringing about some change; and the final outcome is both clearly understood and supported.
My experience in the role, allows for a Board advocate that can work with management to ensure the logic and recommended actions are well researched, and are well prepared for a deep dive by the Board. Carving out the time and exploration of that logic, that research, and those outcoming recommendations make for a fully engaged group within the strategic process and its latest edition.