Jay W. Lorsch

Robert C. Clark

No es exagerado decir que la gobernanza de las empresas ha pasado del santuario interior de la sala de juntas a ser el centro de atención del discurso público. Hoy en día se exige más a los directores independientes: se espera que garanticen el cumplimiento por parte de sus empresas de un conjunto de reglamentos en constante evolución, eviten las fechorías de los ejecutivos y apacigüen el deseo interminable de los accionistas y de Wall Street de obtener resultados positivos a corto plazo.

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Reprint: R0804G
These days, boards are working overtime to comply with Sarbanes-Oxley and other governance requirements meant to protect shareholders from executive wrongdoing. But as directors have become more hands-on with compliance, they&#8217;ve become more hands-off with long-range planning. That exposes corporations and their shareholders to another&#8212;perhaps even greater&#8212;risk, say professors Lorsch, of Harvard Business School, and Clark, of Harvard Law School.
Boards are giving the long term short shrift for a number of reasons. Despite much heavier workloads, directors haven&#8217;t rethought their patterns of operating&#8212;their meetings, committees, and other interactions. Compliance has changed their relationship with executives, however, turning directors into micromanagers who closely probe executives&#8217; actions instead of providing high-level guidance. Meanwhile, the pressure to meet quarterly expectations intensifies.
Directors need to do a better job of balancing compliance with forward thinking. Boardroom effectiveness hinges most on the quality of directors and their interactions, the authors&#8217; research shows. Directors must apply their wisdom broadly, handling compliance work more efficiently and staying out of the weeds on strategic issues. Using their power with management to evangelize for long-term planning, they must take the lead on discussions about financial infrastructure, talent development, and strategy. Reserving sacrosanct time for such discussions, as Philips Electronics&#8217; board does at annual retreats, is an effective practice: After one recent retreat, Philips decided to exit the semiconductor business, where it was losing ground. Individual directors also must not shy away from asking tough questions and acting as catalysts on critical issues, such as grooming a successor to the CEO. In short, directors must learn to lead from the boardroom.

Leading from the Boardroom

Reimpresión: R0804G Hoy en día, los consejos de administración trabajan horas extras para cumplir con los Sarbanes-Oxley y otros requisitos de gobierno destinados a proteger a los accionistas de las fechorías de los ejecutivos. Pero a medida que los directores se vuelven más prácticos con el cumplimiento, se vuelven más impasibles con la planificación a largo plazo. Eso expone a las empresas y a sus accionistas a otro riesgo —quizás incluso mayor—, afirman los profesores Lorsch, de la Escuela de Negocios de Harvard, y Clark, de la Facultad de Derecho de Harvard. Las juntas directivas están prestando atención al corto plazo por varias razones. A pesar de que las cargas de trabajo son mucho mayores, los directores no se han replanteado sus patrones de funcionamiento: sus reuniones, comités y otras interacciones. Sin embargo, el cumplimiento ha cambiado su relación con los ejecutivos, ya que ha convertido a los directores en microgerentes que investigan de cerca las acciones de los ejecutivos en lugar de proporcionarles orientación de alto nivel. Mientras tanto, la presión para cumplir las expectativas trimestrales se intensifica. Los directores tienen que hacer un mejor trabajo para equilibrar el cumplimiento con la visión de futuro. La eficacia de las salas de juntas depende más de la calidad de los directores y sus interacciones, según muestran las investigaciones de los autores. Los directores deben aplicar sus conocimientos de manera amplia, gestionar la labor de cumplimiento de manera más eficiente y mantenerse al margen de las cuestiones estratégicas. Al utilizar su poder con la dirección para promover la planificación a largo plazo, deben tomar la iniciativa en las discusiones sobre la infraestructura financiera, el desarrollo del talento y la estrategia. Reservar un tiempo sacrosanto para esas conversaciones, como hace la junta directiva de Philips Electronics en los retiros anuales, es una práctica eficaz: tras una retirada reciente, Philips decidió dejar el negocio de los semiconductores, donde estaba perdiendo terreno. Los directores individuales tampoco deben rehuir hacer preguntas difíciles y actuar como catalizadores en temas críticos, como la preparación del sucesor del CEO. En resumen, los directores deben aprender a liderar desde la sala de juntas.

Liderar desde la sala de juntas

Reprint: R0804G These days, boards are working overtime to comply with Sarbanes-Oxley and other governance requirements meant to protect shareholders from executive wrongdoing. But as directors have become more hands-on with compliance, they’ve become more hands-off with long-range planning. That exposes corporations and their shareholders to another—perhaps even greater—risk, say professors Lorsch, of Harvard Business School, and Clark, of Harvard Law School. Boards are giving the long term short shrift for a number of reasons. Despite much heavier workloads, directors haven’t rethought their patterns of operating—their meetings, committees, and other interactions. Compliance has changed their relationship with executives, however, turning directors into micromanagers who closely probe executives’ actions instead of providing high-level guidance. Meanwhile, the pressure to meet quarterly expectations intensifies. Directors need to do a better job of balancing compliance with forward thinking. Boardroom effectiveness hinges most on the quality of directors and their interactions, the authors’ research shows. Directors must apply their wisdom broadly, handling compliance work more efficiently and staying out of the weeds on strategic issues. Using their power with management to evangelize for long-term planning, they must take the lead on discussions about financial infrastructure, talent development, and strategy. Reserving sacrosanct time for such discussions, as Philips Electronics’ board does at annual retreats, is an effective practice: After one recent retreat, Philips decided to exit the semiconductor business, where it was losing ground. Individual directors also must not shy away from asking tough questions and acting as catalysts on critical issues, such as grooming a successor to the CEO. In short, directors must learn to lead from the boardroom.

Liderar desde la sala de juntas

Resumen.

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