A maturity model for project management can be used to evaluate the current levels of process proficiency within the company. It’s also helpful for setting goals and creating the plan for implementing improvements.
The majority of boards start at the lower end of the maturity scale. They are aware of their obligations and potential risks, but they are hesitant to spend time on governance, believing it distracts them from their main job of running the company. It is essential to educate boards that governing is a separate job that requires its own set of evaluation of professional development and evaluation as well as training. It is a risky undertaking that requires imagination, determination and the ability to take risks in the face of economics and demographic trends and physical changes to the environment.
The next step for a Board is to take the conscious decision to move up the board management maturity scale toward ‚The Learning Board‘. This is a move away from the traditional emphasis on Accountability and Management Supervision, and toward a focus on Strategic Thinking and Policy Formulation. This is a significant shift in the way boards operate and usually requires some external support in order to get the necessary new ideas in place. It also involves establishing an established procedure for publishing trends about the board’s collective knowledge as well as its the mood of the board. It is also an opportunity for the Chairman, aided by the Company Secretary should lead the change in the balance of a board’s schedule away from ‚hard‘ business performance and towards the more focused agenda of the company’s unique external challenges.
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