Board Dynamics

Resilience, Risk, and the Right Board: Lessons from a 25-Year Tech Entrepreneur

In this insightful episode of Board Dynamics, Dorrit welcomes serial startup founder and CEO Niclas Persson, co-founder of the sustainability tech startup, Deedster. Drawing from over 25 years of experience in the tech and financial technology sectors, Nicholas shares candid lessons on the crucial, often challenging, role of the board in a fast-paced startup environment.  KEY TAKEAWAYS * The Necessity of an External Board Member: Bringing in a professional, external board member early on is crucial for introducing accountability, challenging assumptions, and helping the founder team work more effectively together. * Crises Force Focus and Unity: Periods of crisis, such as the pandemic or economic downturns, are pivotal moments that force the board and founder team to revert to their core purpose and execute with high efficiency. * Founders Must Prepare for Role Changes: As a startup scales and its needs evolve, the initial founder roles may need to change, and the board is essential in managing these delicate, sometimes painful, transitions. * The CEO's Isolation Increases with Scale: As the company grows and institutional investors join the board, the CEO's role becomes more professionalized and isolated, underscoring the importance of a strong chairman. * Trust and Preparation are the Foundation of a Good Board: Efficient board work relies on proper preparation, making time to understand the material, and a high level of trust among members.  BEST MOMENTS "You are a serial startup founder, and I know there are a lot of things going on when you work as a startup... How is it that board dynamics actually both make the board work better and also can stall what we're actually doing in the board?" "You must be constantly talking to yourself, what to do and what not to do. And how does that affect the board?" "The first thing is to start, 'okay, well, you have the founders, and you work in your operations every day, but here's the board that's strategic.' Let's... then comes accountability." "Then it's the few reasons that you will survive and succeed. That's where you need to focus." "If you haven't been professional in your board work before, then it can be really painful... because then suddenly you have a very different dynamics in your board when you have investors, lead investors, institutions joining in." TO CONNECT WITH NICLAS https://www.linkedin.com/in/niclas-persson-2870247/ TO CONNECT WITH YOUR HOST https://www.linkedin.com/in/dorrit-kromann-29b4041/ [https://www.linkedin.com/in/dorrit-kromann-29b4041/]  HOST BIO Dorrit Kromann uses her competent network to provide solutions to real problems in boards. Dorrit is experienced in organisational development, going from turnarounds in hospitals to the growth of IT start-ups. From the board experience, Dorrit has used the psychodynamic organisational psychology to onboard, understand, and solve any board challenge, going from how to recruit new members to business challenges to conflicts of interest. PODCAST DESCRIPTION Have you ever been stuck in a challenge in a board meeting? Have you ever felt unheard in a board meeting? Have you ever thought that the business and strategy go in the wrong direction? Have you ever had a suspicion that something was wrong in the company? Board Dynamics podcast will take you through some cases showing these challenges, analyse the cases, and tell you what to do in such situations.

The Importance of Relevance: Mette Brøndum Discusses Future-Proofing Businesses

In this episode, Dorrit welcomes Mette Brøndum, former regional manager of Lindab turned business advisor and board member. Mette shares her journey of transitioning from a corporate environment to a portfolio career, emphasizing the importance of understanding business dynamics and fostering a healthy company culture.  KEY TAKEAWAYS * Transition to a Portfolio Career: After years in a corporate role, the guest transitioned to a portfolio career, focusing on being a business advisor, mentor, and board member. * Relevance for Tomorrow's Business: To remain relevant, companies must understand and adapt to rapid changes in technology, customer behavior, and sustainability. * Breaking Down Silos: Encouraging collaboration between different departments (silos) is crucial for fostering a healthy organizational culture. This can be achieved by physically mixing teams and promoting understanding among employees from different areas. * Board Member Engagement: Effective board members should actively engage with the business beyond formal meetings and board meetings. This includes understanding the company's operations and being available for discussions with management and employees at all levels. * Personal Dynamics in Boardrooms: The dynamics of a board are influenced by the personal relationships and interactions among members. Establishing a supportive environment where members feel comfortable sharing ideas and feedback is essential for effective governance and decision-making.  BEST MOMENTS "Instead of one big role, I'm creating a portfolio career where I work partly as a business advisor slash mentor, but also as a professional board member." "If we continue doing the same as we did yesterday, we will not be relevant for tomorrow's business." "I want to be a sparring partner for the top manager or the business owner or the management team." "If you can't trust the team, if the team is not 100% dedicated, it's a red flag." "Comfort has never written a great story. So just try something and believe with your engagement and personality that you can create real value."  TO CONNECT WITH YOUR HOST https://www.linkedin.com/in/dorrit-kromann-29b4041/ [https://www.linkedin.com/in/dorrit-kromann-29b4041/]  HOST BIO Dorrit Kromann uses her competent network to provide solutions to real problems in boards. Dorrit is experienced in organisational development, going from turnarounds in hospitals to the growth of IT start-ups. From the board experience, Dorrit has used the psychodynamic organisational psychology to onboard, understand, and solve any board challenge, going from how to recruit new members to business challenges to conflicts of interest. PODCAST DESCRIPTION Have you ever been stuck in a challenge in a board meeting? Have you ever felt unheard in a board meeting? Have you ever thought that the business and strategy go in the wrong direction? Have you ever had a suspicion that something was wrong in the company? Board Dynamics podcast will take you through some cases showing these challenges, analyse the cases, and tell you what to do in such situations.

Transformational Leadership and Risk Management: Niels Nordby Kjær’s Experience in the Nordic Financial Sector

In this episode, Dorrit welcomes Niels Nordby Kjær, a seasoned director in the financial sector with extensive experience in risk management and board dynamics. Dorrit & Neils reminisce about their early days as colleagues at Privatbanken in Denmark and delve into Niels' impressive career, including his roles at Nordea and Saxo Bank. Dorrit & Neils discuss the significance of psychological safety, trust, and the challenges boards face in today's complex environment, emphasizing the need for awareness of surface-level and underlying dynamics in effective decision-making.  KEY TAKEAWAYS * Importance of Trust in the Boardroom: Trust is essential for effective board dynamics. It allows board members to delegate responsibilities to committees and fosters open dialogue, which is crucial for making informed decisions. * Psychological Safety: Creating a psychologically safe environment in the boardroom enhances decision-making quality and encourages critical thinking. * Understanding Board Responsibilities: Familiarity with the four key responsibilities of a board—ensuring the company's best interests, overseeing strategy, managing succession planning, and maintaining compliance—is vital for effective governance. * Navigating Complexity and Scrutiny: Boards face increasing pressure and complexity in their roles. Effectively prioritizing tasks is crucial to managing the limited time available for discussions and decision-making. * Awareness of Underlying Dynamics: Being attuned to the dynamics beneath the surface in board interactions is critical. Listening to one's instincts and reflecting on the emotional climate can lead to better judgment and more effective actions in the boardroom. BEST MOMENTS "I think psychological safety in the boardroom is very essential because it directly affects the quality of decision-making and the integrity of the governance." "It's really important to do small things like that and big things like... change the name tags to help people get to know each other." "Without the trust, you are not able to delegate to committees to drive more into specific areas." "I think it was a fantastic learning experience to see that this common purpose... helped everyone to do what they could to move it forward." "The awareness and the competences in this area will make it high performing or stall the boards." TO CONNECT WITH NIELS https://www.linkedin.com/in/niels-nordby-kj%C3%A6r-02432830?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=ios_app [https://www.linkedin.com/in/niels-nordby-kj%C3%A6r-02432830?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=ios_app] TO CONNECT WITH YOUR HOST https://www.linkedin.com/in/dorrit-kromann-29b4041/ [https://www.linkedin.com/in/dorrit-kromann-29b4041/]  HOST BIO Dorrit Kromann uses her competent network to provide solutions to real problems in boards. Dorrit is experienced in organisational development, going from turnarounds in hospitals to the growth of IT start-ups. From the board experience, Dorrit has used the psychodynamic organisational psychology to onboard, understand, and solve any board challenge, going from how to recruit new members to business challenges to conflicts of interest. PODCAST DESCRIPTION Have you ever been stuck in a challenge in a board meeting? Have you ever felt unheard in a board meeting? Have you ever thought that the business and strategy go in the wrong direction? Have you ever had a suspicion that something was wrong in the company? Board Dynamics podcast will take you through some cases showing these challenges, analyse the cases, and tell you what to do in such situations.

Creating Psychological Safety: Strategies for High-Performing Boards

In this episode of the Board Dynamics podcast, Dorrit welcomes Phaderia, a consultant and speaker specialising in gender equality, diversity, and inclusion. They discuss the importance of cultural diversity within boards and the dynamics that influence effective governance. Phydria shares her unique background, including her experiences as a woman of colour on various boards, and emphasises the need for inclusive leadership and psychological safety in boardrooms.   KEY TAKEAWAYS * Value of Diverse Boards: Diverse boards, encompassing various dimensions such as gender, age, and cultural background, lead to better decision-making and improved financial performance for the organisations they govern. * Importance of Psychological Safety: Creating an environment where board members feel safe to express their ideas, ask questions, and admit uncertainties is crucial for fostering innovation and collaboration. * Inclusive Leadership: Effective board leadership involves practising inclusivity, where the chairperson coordinates the diverse voices and perspectives of board members, ensuring everyone is heard and valued. * Addressing Underlying Dynamics: Board culture often includes unwritten rules and dynamics that can hinder open communication. Recognising and addressing these issues is essential for improving board effectiveness. * Continuous Learning and Reflection: Board members should engage in self-reflection regarding their biases and experiences, and actively work to build trust and relationships within the board to enhance collaboration and decision-making.   BEST MOMENTS "It's better to say the wrong thing instead of not saying anything at all." "If you don't see color, you're not seeing me." "A board is just like any other organization. If you're going to change things, you have to apply the rules of change management." "Diversity is a fact. I tend to advocate that I'd love for humanity to reach the point where it's a natural part of the way we operate." "It's important to have an environment where you can feel unsafe in the sense that you actually dare to not know what is going on."   HOST BIO Dorrit Kromann uses her competent network to provide solutions to real problems in boards. Dorrit is experienced in organisational development, going from turnarounds in hospitals to the growth of IT start-ups. From the board experience, Dorrit has used the psychodynamic organisational psychology to onboard, understand and solve any board challenge, going from how to recruit new members to business challenges to conflicts of interest.   PODCAST DESCRIPTION Have you ever been stuck in a challenge in a board meeting? Have you ever felt unheard in a board meeting? Have you ever thought that the business and strategy go in the wrong direction? Have you ever had a suspicion that something was wrong in the company? Board Dynamics podcast will take you through some cases showing these challenges, analyse the cases and tell you what to do in such situations.

Creating Trust and Open Dialogue: Strategies for Enhancing Board Communication

In this episode of the Board Dynamics podcast, Dorrit engages in a deep conversation with Peter Koefoed, a seasoned psychologist with extensive experience in both psychotherapeutic and organisational settings. Dorrit and Peter explore the concept of mentalization and its significance in board dynamics, particularly during critical situations like succession. Peter shares insights on how understanding the emotional and psychological aspects of board members can enhance decision-making and foster a more collaborative environment.   KEY TAKEAWAYS * Mentalization in Board Dynamics: Mentalization is the ability to understand actions in terms of thoughts, feelings, wishes, and desires, which is crucial for effective collaboration in board settings. * Importance of Acknowledging Differences: In a board, members come from diverse backgrounds and represent various interests. Acknowledging these differences and creating a safe space for discussion can enhance trust and improve decision-making processes. * Handling Succession Crises: Succession, especially when unexpected, can create a crisis within a board. It's essential to recognise the emotional investments in the outgoing leader and facilitate discussions that allow members to express their feelings and concerns. * Active Listening Techniques: Implementing active listening strategies, such as summarising others' viewpoints before presenting one's own, can foster a more inclusive environment. * Continuous Reflection and Integration: Regularly revisiting past discussions and decisions in meetings can help maintain continuity and integration within the board.   BEST MOMENTS "Mentalizing is the ability to understand actions by both other people and oneself in terms of thoughts, feelings, wishes and desires." "If the board is malfunctioning and only some on the board is heard and seen, that will create a dynamic which is not healthy." "You have to acknowledge people's differences. Maybe when you hear people that are expressing exactly the opposite as yourself, you maybe will find that it resonates at something in yourself." "It's important to spend some time letting people talk about what is going on and what... qualities and competences we need with the new CEO." "You can actually do it, but also accepting that daily board work is not, there's a pressure on time, but you have to balance it."   HOST BIO Dorrit Kromann uses her competent network to provide solutions to real problems in boards. Dorrit is experienced in organisational development, going from turnarounds in hospitals to the growth of IT start-ups. From the board experience, Dorrit has used the psychodynamic organisational psychology to onboard, understand and solve any board challenge, going from how to recruit new members to business challenges to conflicts of interest.   PODCAST DESCRIPTION Have you ever been stuck in a challenge in a board meeting? Have you ever felt unheard in a board meeting? Have you ever thought that the business and strategy go in the wrong direction? Have you ever had a suspicion that something was wrong in the company? Board Dynamics podcast will take you through some cases showing these challenges, analyse the cases and tell you what to do in such situations.