If a board makes a decision, they must ensure that the decision is supported by evidence and supports the goals board chair responsibilities of the company in the long haul. This means gathering data from a variety of sources, such as survey results, industry reports as well as competitor analysis and other data points that support the decision. It also involves weighing the various alternatives against one another and determining which one is most likely to yield the desired outcomes.
Board members must consider the alignment of the proposed course with the company’s mission and vision, and also any regulatory or legal requirements. In addition, Board members should be aware of the potential risk associated with the decision and ensure that the board’s risk appetite is considered in the process.
Boards may also benefit from strategies that are designed to avoid groupthink. This includes brainstorming, Six Thinking Hats (a method to avoid groupthink), Disney Planning Method, and Delphi Technique. It is helpful to assign informal roles to specific Board members, for example “devil’s advocate” to challenge other Board members’ ideas and help generate several solutions.
Boards may also come up with an policy for how and when they want to be informed of decisions that are scheduled to be put to a vote. This allows them to take the time they require to examine and discuss the information prior voting, as well as enables them to ask questions and consider other options. This helps reduce the level of fatigue experienced by board members. I have seen situations where boards were provided with urgent information prior to when they were to vote, which can disrupt and derail the decision-making process.