1. When reviewing and approving the organisation’s strategic and business plans, is there satisfactory evidence that the board has applied a systematic approach to its evaluation?
2. Does the board have a set of unified policies to guide development of the strategic direction?
3. Are the board-level strategic processes being routinely defined, assessed and improved and does management have clear expectations about board participation?
4. Has the board, with management’s commitment, determined high-level strategically-oriented financial and non-financial KPI’s?
5. Does the board with management, periodically review and monitor the strategic direction to determine if it is on or off the strategic path and reallocate resources accordingly?
6. Does the board have the right knowledge about the situational analyses to add value to strategic options development and selection?
7. Has the right balance been struck between strategy formulations and providing for accountability in board proceedings?
8. Has the board challenged the levels of innovation, risk and experimentation to ensure that economic and social value is protected and enhanced for shareholders and stakeholders?
9. Is corporate renewal being assured through strategic fostering of core capabilities in existing and new business development?
10. Will the board know in advance of failure when to change strategic direction by examining its compatibility in plausible future scenarios?

The board’s overall responsibility in strategy development:

1. Develop an appropriate strategic plan is necessary for an organization to achieve its objectives.
2. The board must be able to articulate strategy.
3. The board must understand test and endorse the strategic plan.
4. The board must be satisfied that the strategic plan is achievable.
5. The board must devote adequate time to strategic issues.
6. The board is responsible for setting the tone and standards of the organization.
7. The board sets measures (KPI’s/BSC) to measure against objectives.
8. The board must monitor the implementation and performance of strategic objectives.

(Australian Institute of Company Directors, 2005)

Six main reasons why CEO’s fail:

1. Bad Execution: ‘not getting things done, being indecisive, not delivering on commitments’
2. Poor observation skills
3. Poor judgment
4. Denial of problems & procrastination
5. Failure to put the right people in the right jobs – and related to fix people problems in time
6. Little debate about the strategy permitted

(Fortune, June 1999)