One of the biggest challenges facing business in these last twenty years is that of adapting to the change brought about by outside forces.
The damage done by the financial crisis of 2008 to the image of business is mostly unrepairable.
There is more than ample evidence that boards of directors in Malta are steadily, although quietly, changing. A number of factors have contributed to this.
A common problem that managers face is employees dressing inappropriately for the workplace. It may mean an awkward and sensitive confrontation with the employee with the concern of easily offending them.
Board directors expect to receive what they consider a standard board agenda. It includes management accounts, (perhaps) a sales and operations report, (hopefully) budgets, a request for approval of a capital expenditure project, besides the even more standard corporate governance items of approval of half yearly or end of year financial statements, auditors’ reports etc.
What inspired you to start your own consultancy company?
My father is my inspiration. We both had the desire to start a boutique advisory firm which focuses on forging supportive, fiduciary and long-term relationships with a small clientele base.
I was surprised to read the David Tang’s reply to a question on the British Airways’ debacle of complete shutdown of its computers a couple of weeks ago (FT 10th June 2017). David Tang is my favourite FT Weekend columnists and it is the first column that I go to every Saturday for these last ten years.
“We were seeking a relationship-based advisory service focusing on a small clientele,” Ms Zahra, the company’s managing director told The Business Observer. “We are thinking more on long-term relationships; less transaction-based and thus, more relationship-based. We believe in partnering with businesses and always aim at being open, transparent and genuine in the way we work with them.”
The boards of directors of listed and regulated companies have been hardened further during these last ten years as regulators’ tentacles have reached the board rooms and company secretary offices of thriving business and financial institutions.
It is challenging times for members of board of directors of companies. Boards have never had it so hard. They are pressured by the market to have their companies giving short-term results when they understand that the business is there for the long-term. They are asked to comply with stiffer regulations, when they should be focusing on business strategy and performance. Meanwhile, they are being hounded by small shareholders and the public on the social media as their professionalism, experience and performance is being challenged by attacks that they are not doing enough, that they are being highly (or excessively) paid and that they have conflicts of interest.
