Whether we observe actively or passively at this point, the 2016 presidential election has already surpassed a virtual reality show for a portion of the U.S. population and perhaps for the world. We are pummeled daily with analysis and coverage that becomes increasingly dramatic and at times overly stimulating and that just may be unprecedented. Masses of our population demonstrate a need or desire for change from “status quo.” The younger generation is finding and using their voice to unsettle what some would call tradition and traditional norms. And so we are left with the as yet unanswered question, “Who ultimately will govern?”
In Wipfli’s consulting practice, we work on a weekly basis with numerous boards and CEOs who are asking the same question as they confront board succession and the hesitancy of qualified potential candidates to take on the personal liability of being a financial institution board member. CEOs and board chairs ponder the dilemma of how to effectively weed out existing board members who may no longer meet the qualifications it takes to effectively govern in today’s environment. Who will govern? Who is the next generation of board members? What mix of diverse skill sets and backgrounds is required?
Most situations worth our observation and attention provide lessons to be learned. This ongoing election saga provides such lessons in leadership competencies that apply to governance. We best determine what those lessons are for each of us and for our own institutions as we move forward to remain or become the best we can be. To learn more about Wipfli’s Board Governance services, click here.