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Session 2242

Critical Factors in Successful Corporate Governance Kim LaScola Needy, David I. Cleland, Dennis P. Slevin, Heather Nachtmann, Steven L. Cohen University of Pittsburgh

Abstract

It is hypothesized that a root cause of the success or failure of an enterprise is directly related to the quality of its board of governance. This quality is reflected in the experience, leadership skills and utilization of the board members as well as the board processes. This paper describes an ongoing research project that identifies potentially critical factors for successful corporate governance including the following: Information, Communication, Governance board policies, Individual board members and Governance processes. Company examples from the literature that exemplify these factors are discussed. An additional objective of this research is to determine whether successful governance could and should be taught. It is believed that the field of Engineering Management is a primary vehicle to educating present and future engineering professionals about successful corporate governance.

Introduction

Corporate governance is a timely and important subject. The business school academic community has recognized this importance and expanded its research efforts in this area. The number of publications involving corporate governance issues has increased over the past decades. It is time that the engineering management academic community recognizes the importance of corporate governance in enterprise success and begins to educate engineering students in successful corporate governance. It is necessary to realize that it is just as important for top management to be aware of the inner workings of the company as it is for employees to be aware of their company’s governance board and its workings. An understanding of successful corporate governance will aid future engineers in their potential positions as board members or support personnel. Attempts are being made to gain an understanding of how the success of the board of directors affects companies.

Excellent governance is a priority for almost every institution. Governance boards can be found in corporate, academic, economic development, philanthropic and health care institutions. Engineers serve on or support the governance boards at all of these types of institutions. The modern board is responsible for overseeing business strategy development, hiring the best CEO and executive team possible, requiring adequate information, control, and audit systems, ensuring compliance with legal and ethical standards and preventing and managing crises. 3

The Research Project

An ongoing research project is being conducted at the University of Pittsburgh by investigators in the Department of Industrial Engineering and the Graduate School of Business to examine the

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Cohen, S. L., & Slevin, D. P., & Cleland, D. I., & Needy, K. L., & Nachtmann, H. (1999, June), Critical Factors In Successful Corporate Governance Paper presented at 1999 Annual Conference, Charlotte, North Carolina. 10.18260/1-2--8071