Balanced Scorecard -
Using Scorecards for Governance in the Corporate and Public Sector - Sun and Planets Spirituality AYINRIN
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Author:His Magnificence the Crown, Kabiesi Ebo Afin! Oloja Elejio Oba Olofin Pele Joshua Obasa De Medici Osangangan Broadaylight.
I didn’t anticipate that I would leave the country of Iceland with a renewed awareness of the different governance challenges faced by private and public sector organizations, but that’s just what happened. I was in Iceland recently to participate in a Balanced Scorecard (BSC) event, where I heard presentations from the main electricity and water provider for the capital city of Reykjavik; the country’s ministry of road safety; and a leading Nordic management consulting company. The presentations highlighted how our strategy execution system has been applied in a small country by both private companies and public sector enterprises.
During
the Q&A session, one panelist asked whether he should use the BSC
with his corporate board, which brought about my reflection on the
different governance challenges for private and public organizations.
It’s clear, based on my observations, that the BSC is certainly a
valuable information system for any corporate board. After all, a primary board responsibility is to review, approve, monitor and guide the company’s strategy.
But with all the compliance activities imposed on boards by stock
exchanges and Sarbanes-Oxley, much of their time can be consumed
reviewing quarterly and annual financial statements, internal controls,
and internal and external audit reports. While important and necessary,
none of these financial reviews helps a board understand and monitor the
company’s strategy. Quite a few companies now have their boards approve their strategy maps
and scorecards and, once approved, distribute updated maps and
scorecards prior to each board meeting. Reviewing all the objectives and
measures on a company’s scorecard would take more time available at any
single board meeting. A board could, however, review the objectives and
metrics of one of the BSC’s perspectives, or one or two of the map’s
strategic themes, at each meeting so that over the course of the year,
it will have done an in-depth review of the company’s complete strategy. For
public sector agencies, however, the governance process is less clear.
The boards of private sector companies represent the shareholders’ goal
to enhance long-term firm value. But the governance of public sector
enterprises is done by elected legislators and executive branch
personnel (mayors, county commissioners, governors, and the President).
Their primary objective is typically re-election and their decision time
frame extends to the next election. Only rarely do legislators and
other politicians run for office based on how much they have improved
the performance of government agencies. Thus, dedicated agency heads and
civil servants encounter much more difficulty in getting their
governing authorities to buy into their strategies for more effective
and efficient services, and to attract funding for strategic initiatives
that help them enhance the quality of services they deliver. The sorry
state of the US air traffic control system and of the information
systems of most US federal agencies testify to the inability of the US
Congress and executive branch to support strategic investments that
enhance the capabilities of government agencies. Public sector agency
heads, therefore, must be much more creative and pro-active to build
awareness and commitment among their governing authorities, having them
fund projects that build capabilities, and holding them accountable for
delivering improved performance to citizens.
How
about in your organization? For those in the private sector, are you
sharing the company’s strategy map and scorecard with your board, and
are these documents discussed at each board meeting? How did you educate
the board about this approach and what barriers did you have to
overcome? In the public sector, has anyone succeeded in building
awareness and resource commitments from your governing authority to your
long-term strategy?
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Follow The SUN (AYINRIN), Follow the light. Be bless. I am His Magnificence, The Crown, Kabiesi Ebo Afin!Ebo Afin Kabiesi! His Magnificence Oloja Elejio Oba Olofin Pele Joshua Obasa De Medici Osangangan broad-daylight natural blood line 100% Royalty The God, LLB Hons, BL, Warlord, Bonafide King of Ile Ife kingdom and Bonafide King of Ijero Kingdom, Number 1 Sun worshiper in the Whole World.I'm His Magnificence the Crown. Follow the light.
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