University of Virginia Board of Visitors Richard Chait, Professor - PowerPoint PPT Presentation

University of Virginia Board of Visitors Richard Chait, Professor Emeritus, Harvard University August 3, 2018

Nine Steps toward a Good Start 1. Clarify mutual expectations. 2. Get the questions right. 3. Be patient. 4. Avoid individual pleas. 5. Coordinate social activity.

Nine Steps toward a Good Start 6. Provide a start-up package. 7. Avoid comparisons to prior presidents. 8. Attend to the president’s health and welfare. 9. Attend to the board’s performance.

The Proposition Trustees who understand their responsibilities are the best hope for the careful consideration of the long run. Henry Rosovsky. The University: An Owner’s Manual The role of the board is to protect the university of the future from the actions of the present. David Riesman

The Objective Consistently Constructively Consequential Governance

Hallmarks of Effective Boards • Perform indispensable functions. • Focus on the “main things” v. “major in minors.” • Share ownership of challenges, partner with president. • Foster a healthy board culture.

Board Culture Healthy Unhealthy • • Clear norms Ambiguous norms • • Team players Huddle of quarterbacks • • Distributed influence Dominant inner circle • • Collective wisdom Personal convictions • • Mutual accountability Collective impunity • • Respect and trust Disregard and distrust • • Charismatic listeners Assertive speakers • • Constructive dissent Back channel agitation • • Transparency Opacity • • Confidentiality Seepage • • Diligence Disengagement

Hallmarks of Effective Boards • Perform indispensable functions. • Focus on the “main things” v. “major in minors.” • Share ownership of challenges, partner with President. • Foster a healthy board culture with strong norms. • Model behaviors/values trustees want University to exhibit. • Think and work in three modes.

Construct to Compete? LSU Recreation Center Colby College 536 ft Lazy River Athletic Center $85M Renovation $200M, 350K sq. ft.

Construct to Compete? Fiduciary Oversight Cost? Size? Location? Facilities? Equipment? Architects and design? LEED certified? Schedule? Naming opportunities? Strategic Foresight Affect on enrollment? Competitive necessity? Affect on constituents ’ well -being? Regional venue? Open to community? How else to gain competitive advantage? Reflective Insight What do sense do we make of student consumerism? What stance do we take? Is the customer always right? How do we reconcile core values and market realities?

Three Modes: One Go al Fiduciary Oversight Strategic Foresight Reflective Insight Effective Governance

Pertinent Practices Find. Frame. Focus. • Decide what to decide. • Develop 12-18 month work plans for board and committees. • Schedule KPAWN/KVAWN dialogues. • Wear tri-focals. Organize to do the work. • Align Board’s work and UVA’s priorities. • Ensure strategy drives structure, not vice versa. • Board mostly drives committees, not vice versa. • Reconfigure committees.

Pertinent Practices Make meetings meaningful • Highlight questions, stakes, opportunities to add value. • Clarify the Visitors’ role appropriate to stage of process. • Flip the boardroom: less presentation, more discussion. • Solicit real-time feedback from executives. • Summarize implications and expectations. Engender accountability • Adhere to shared expectations. • Regularly evaluate Board/committee meetings & performance • Elicit executives’ perspectives. • Distribute and discuss results, take responsive actions. • Exemplify performance accountability.

The Payoffs • Higher altitude, longer horizon, greater consequence. • More value added to UVA, more value derived from service. • Higher ROI for trustees, administrators, and University. • Better purposes = better performance. • Better performance = better partner. • Better partner = better UVA.

Presidential Evaluation Design Elements Consistent Transparent Inclusive Empirical Contextual Actionable Key Considerations • What Board wants to learn. • What President hopes to learn. • Relevant criteria, evidence, and sources. • Balance of formal and informal feedback. • Separate or coupled to compensation. • Assessment not referendum.