The board of directors' primary responsibility is to protect the assets of shareholders, trying to ensure they receive a strong return on their investments. In some cases, directors include venture capitalists or angel investors who have invested in a technology business. In others, directors are selected from outside the IT industry, perhaps because of their connections or success in complementary businesses. A board of directors can be a big asset. After all, the board gives a business the opp
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As one of the world's wealthiest individuals, Warren Buffet's wallet alone would wield power. But Buffet also sits on the boards of businesses that include Borsheims Jewelry Co., the Gillette Co., MidAmerican Energy Holdings, Geico, Citigroup Global Markets Holdings, the Washington Post Co., the Bill & Melinda Gates Foundation, and The Urban Institute (as a life trustee), and serves as a Trustee of Grinnell College. Buffet also is a member of The American Academy of Arts and Sciences. He believes in a hands-on board.
"In my view, a board of directors of a huge financial institution is derelict if it does not insist that its CEO bear full responsibility for risk control," Buffett wrote in his annual letter to Berkshire Hathaway shareholders this year. "If he's incapable of handling that job, he should look for other employment. And if he fails at it -- with the government thereupon required to step in with funds or guarantees -- the financial consequences for him and his board should be severe."
The Business of Going DigitalDigital business isn't about changing code; it's about changing what legacy sales, distribution, customer service, and product groups do in the new digital age. It's about bringing big data analytics, mobile, social, marketing automation, cloud computing, and the app economy together to launch new products and services. We're seeing new titles in this digital revolution, new responsibilities, new business models, and major shifts in technology spending.
Join InformationWeek’s Lorna Garey and Mike Healey, president of Yeoman Technology Group, an engineering and research firm focused on maximizing technology investments, to discuss the right way to go digital.