LONDON, Sept. 25, 2018 /PRNewswire/ -- In a new report, Advisory Boards are described as an inexpensive and effective vehicle for top management to address the scarcity of management skills, to focus on strategic issues post Brexit and avoid the dangers of board overload with compliance and regulation.
In a study involving interviews with 41 leading executives Turner Felix Associates, a board advisory and executive mentoring firm, found that Advisory Boards are a powerful way to obtain expert views on technology developments, regional and environmental issues and the economic/political landscape.
Dame Alison Carnwath, former Chair of Land Securities and now a main board Director of BP said: "Most organisations whether large, small or entrepreneurial feel the need for additional expertise and experience beyond that of their board and management. An Advisory Board can be a smart and very cost effective way of achieving this. It also provides an opportunity for experienced individuals to continue making an important contribution".
Paul Turner of Turner Felix said: "Organisations need to make every effort to improve the availability of expert advice and increase diversity in order to maximize their performance. In the post Brexit era British organisations will need to harbor every available resource to better understand the changing business environment and to prepare their organisations for change and global expansion."
Noel Harwerth, Chair of the UK Export Finance Board said: "A group of advisors set up as a sub committee of the Board with a clear, task-focused mandate can be very useful in looking at big picture issues that the board does not have time for. By having no legal liability the advisors can bring skills and diversity to the organization without the burden of main board responsibilities."
Sir John Parker, Chairman of Laing O'Rourke and former Chair of 5 FTSE 100 companies said: ''Advisory Boards should address topics that would not receive sufficient airtime at board meetings – digital engineering, cyber security, the impact of artificial intelligence and big data."
Peter Felix, of Turner Felix concluded: "Advisory Boards are a developing feature of the Corporate landscape. More organisations now use them to benefit from experienced managerial and technical skills at a time when there is a scarcity of full time management talent. Advisory boards could well provide one answer to the dangers of main board myopia brought about by burdensome governance requirements."
SOURCE Turner Felix Associates