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The CEO's Boss: Tough Love in the Boardroom resources

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T H E S O C I A L C O N T R AC T 11 tices, and style. Th ese are the various aspects of the CEO’s behavior, and I explain them more fully in chapter 3. In the end, the goal is to align the CEO’s per for mance with the needs of the business, and to determine what is required to close any remaining per for mance gaps. However, continuous development goes beyond coaching for the CEO. Th e board has a comparable need to improve its skills and abilities in cor- porate governance. During the last three years, I have worked with ODX in its nationwide educational meetings. Th ese directors- only conferences cover the most challenging boardroom issues. In addition, members are provided ongoing research and information through ODX publications like Agenda. Columbia Executive Education is another or ga ni za tion that off ers support to board members by coaching directors to higher levels of per for mance in their corporate governance role. The Social Contracting Process In its fi nal form, a Social Contract answers the question of “what we stand for” in a board/CEO partnership, and details the beliefs and behaviors that defi e pro cess that I have successfully used ne their collective leadership. Th with boards and their CEO’s to create the Social Contract is straightfor- ward and takes less than a day of the board’s retreat to complete. Th e sched- ule that I usually follow is this: • Review the strategy and strategic priorities of the business. • Discuss the board/CEO partnership and the key challenges to achieving the business’s strategy and priorities. • Individually refl ve most important areas ect on and list the three to fi to build and maintain the board/CEO’s partnership and a behav- ioral statement under each that would guide their work together. • Reach a consensus on the common areas within the defi ning be- haviors that the board/CEO will commit to as a statement of their Social Contract. • Post the Social Contract in the boardroom and on the board agenda so it can be referred to as a standing agenda and behav- ioral guide. Th rst two steps of the pro cess set the stage for creating the Social Contract. Th e strategy and priorities of the business should be readily

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