The anecdote seemed funny, but at the time it caused surprise and had no extenuating circumstance on the part of the “accused” party. In the middle of the conversation about the IMF mega loan, the then managing director, Christine Lagarde. He had a meeting with the directors of the Central Bank and asked why there were no women on the board. There was no explanation. Just an example of the little attention that the decision-making bodies of large Argentine corporations paid to aspects that might seem formal, but ceased to be so a long time ago in developed economies.
Trend. Fabiana GadowCEO in Argentina of the consulting firm Korn Ferry International points out that the business world is changing for all types of companies: with a faster and more intense pace, technology is omnipresent, regulation is intensifying, investor demands are increasing, environmental, social and governance issues have taken center stage. importance as well as risk management practices are in the spotlight. “This requires companies to be able to not only manage the situation but also have a long-term vision for which the role of the board of directors is key: it has to contribute to disruptively delineating the strategy and organizational culture.”, he emphasizes. For Gadow, this change in the board’s role implies monitoring, in addition to the progress of the business, compliance with objectives of integrity, reputation and trust, accountability on the part of managers, risk management, innovation and people development, among others. so many strategic functions.
Precisely, in a recent study carried out by Korn Ferry at a global level, Carolina Butus She is a lawyer and dedicated herself to the legal dimension in companies and their governing bodies. She cites as an example of the importance that advanced the field of business the case of BlackRock, an investment fund manager with a presence in 37 countries, with assets of US$8.5 trillion and income of US$17 billion in the last financial year. The firm has a very clear diversity and integrity policy both for hiring collaborators and investing in assets. For example, it places the sustainability criterion at the epicenter of its strategy and establishes its activity when investing in ESG vectors. (ESG in Spanish: environmental, social and governance). “These value measures that exceed traditional financial imputation evolved especially in the decade from 2010 to 2020 and also produced the best financial results in the medium term”, he notes.
Locally. Bet on the diverse integration of boards of directors in terms not only of gender, but also of age and expertiseIn Argentina there is still a long way to go. “The participation of women is no more than 10% on boards, almost half of the rest of the region, but this proportion also varies depending on the industry. The confluence of these diversity factors contributes to reaching the main objective that the board has: the sustainability of the organization,” she concludes.
If we could do an “x-ray” of the company directories in Argentina, what would we find? Santiago Gallichio He is president of the Institute of Business and Public Governance (IGEP), a space in Argentina specifically dedicated to bringing together, on an individual basis, all members of boards of directors of companies and organizations. “In still too many directories we would find an empty body – that is, a simple rubber stamp equivalent to a notary’s office that approves and ratifies the legal, regulatory or statutory acts that must have its approval and registration,” he points out.
Alejandro Marchionna is secretary of IGEP, and has been researching the topic in the field of business schools for three decades. He explains that a board of directors is diverse when viewed from various axes and the one that is most frequently discussed is gender, but it is clear that companies miss out on a lot of talent and different perspectives when they do not have women present at the highest level of board. decision. “For example, there are companies that need to take advantage of the experience and knowledge of older people. There are companies that suicidally do not incorporate young people who will surely have a greater capacity to clearly understand the social and technological changes that have already happened and that can happen in the future.”, he emphasizes.
The theme of its composition is not a mere formalism. Sandra Olivemanaging partner at Backer & Partneryespoints out that for a board of directors its composition is considered professional should reflectA strategic combination of people working as a team to make decisions for the benefit of the organization and its stakeholders. “The ideal composition varies from one organization to another depending on industry, focus, challenges, geographic location and needs, among other things,” he completes. Large international companies, whether listed on the stock market or not, have a lower line depending on what their parent companies dictate, developing standards or guides so that the intention does not become a dead letter when it clashes with local idiosyncrasy. “Having a diverse leadership team is crucial to ensuring the success and sustainability of an organization for many reasons. The first, completely proven, is that diverse companies are more successful”, he adds. The reason is that, in this vision, the client is also diverse and thus we can respond better and more quickly to their needs. Also, Olive concludes, companies with diversity are much more creative, attract and retain key executives and promote open and transparent cultures. A real game in which, in principle, everyone could win.
by Tristán Rodríguez Loredo
