The resources within Principle Seven have been provided to help boards work towards engaging and maintaining strategic relationships with key stakeholders and other governing bodies.
No organisation operates in a bubble, regardless of how large or successful it is. Indeed, the opposite is true; success depends on an organisation’s ability to position itself for maximum influence and impact and being externally aware has many benefits. Directors should endeavour to understand their organisation’s position in the landscape and the reputation it has amongst stakeholders and the public.
External facing boards can innovate and generate new ideas inspired by the work of others, and they understand who and how to influence to get the greatest benefit for the organisation. Perhaps most importantly, they can develop mutually beneficial working and commercial partnerships by taking advantage of other organisations’ shared aims.
Engagement with the external environment leaves organisations better positioned to spot the opportunities that lead to success, and to mitigate the risks which can prevent it.
The resources below will assist in implementing this principle.