A veteran of private boards, Bruce Taylor recently joined his first public board at Kongsberg Automotive ASA in Norway. He assumed this challenge fully aware of the distinct demands of the private versus the public sector, and as a result, he decided to attend executive education programs to help him prepare for this new position. Having earned his MBA at Harvard Business School (HBS), he was immediately drawn to two programs—Making Corporate Boards More Effective and Compensation Committees. He discusses how his learning experiences have sharpened his thinking and strengthened his organization.
How have the programs helped you tackle challenges that your board is facing?
In some ways, the programs confirmed some of my basic instincts. It's always nice to be validated in a more academic and experienced environment. This has increased my courage to follow my instincts and convictions. At the same time, the programs helped to sharpen my focus and provide further insights into what’s important on a public board.
Are there any particular insights that have stayed with you?
Yes, there are a few important insights that have stuck with me. First is the discussion about the culture of an individual board, how it is shaped, and how that can have an impact—both positively and negatively—on the governance of the corporation. That's a topic that I'm not sure I would have discovered on my own, and it's clearly something that HBS considers important. The second insight has to do with designing a compensation system and recruiting people with personality types that are consistent with that compensation system. This is actually something that I had been working on before I attended the program, but the program crystallized some ideas that I had been struggling to work through on my own. Also, I thought that the presentations about a board's strategy focus were very practical. Finally, the discussions on active and passive investors and their symbiotic relationship were enlightening.
In the end, the programs offered a great deal of common sense regarding how boards operate and potential dysfunctions.
Do you think these programs are beneficial for both new and experienced board directors?
Definitely. Since I attended, two of our board members have also attended, and another is planning to attend soon. For our board, these programs are helping to create a common language and a shared perspective among the directors who attend. The wide-ranging discussions about the different case studies introduce very important questions, which challenge individuals to sharpen their thinking.
What is the value of stepping away from your everyday life and immersing yourself in the HBS environment?
First, getting away and engaging in a different environment was very refreshing. It aids concentration and frees one's imagination. Beyond that, I think it makes much more sense to be immersed in the campus-learning environment because there is no way to replicate the interactions with the participants and engage in their insights and experiences.