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O2-OVERSIGHT PERSONNEL

 
An organization should establish a board of directors or other oversight structure to represent the interests of stakeholders (shareholders or otherwise). The board should set objectives, authorize a business strategy and model to achieve objectives, identify risks, set boundaries, and ensure business is conducted within defined boundaries. To maintain objectivity on behalf of the stakeholders, the board should be sufficiently independent. The board should receive periodic and direct updates about the program from strategic and operational personnel. Oversight personnel should be of high integrity, ethics and competence.

Principles
> Sufficient independence from management and the program operation
> Representing stakeholders
> Defined responsibilities
> High integrity
> Competent
> Transparent
> Evaluated
> Oversight of program
> Oversight of key program personnel
> Oversight of program effectiveness
> Oversight of program performance



Business Objectives
  • To ensure that an oversight structure is in place to represent the interests of shareholders in setting objectives and authorizing strategy
Considerations
  • Size and maturity of entity should be considered when selecting oversight personnel
Critical Success Factors
  • Oversight personnel must be sufficiently independent
  • Oversight personnel must be of high integrity and competence
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