Team of talented bosses 'can improve profits', firms told
Dynamic company directors working together as a team can vastly improve profitability, businesses have heard.
Companies taking part in an Institute of Directors' (IoD) event heard that a team of competent bosses can have a far greater impact on the bottom line than just one qualified director.
It was the first in a series of talks hosted by the IoD NI with law company Arthur Cox and Ulster Bank. The talks are open to non-members.
IoD director Linda Brown said: "The series was developed to meet the needs of the 800 members we have in Northern Ireland, and we hope that it assists in equipping local business leaders with the knowledge and skills required to become a more effective director."
Alan Taylor, chairman of Arthur Cox, said his firm maintained an effective board.
"The board is collectively responsible for the success of any company, and with the business environment being more competitive than ever, the scrutiny placed upon boards is intensifying," he explained.
"While there are many variables in what constitutes a high-performing board, this event has outlined how, in order to be effective, all boards must establish mutual support and respect, implement their strategies, be open to change, maintain a governance framework that adds value to the business and also safeguard the values of the company."
Richard Donnan, head of Ulster Bank Northern Ireland, said a successful board could help firms put themselves on a solid footing for the long-term.
Further sessions will cover board financials, challenges and the importance of diversity.