For technology dependent enterprises I have long been a supporter of the concept of the Board Technology Committee. Such a committee, comprising executive and non-executive Board members, perhaps with the addition of some additional experienced resource, can provide useful input, and where appropriate, a challenge to the setting and implementation of the technology enabling business strategy. The concept can be a particularly valuable one where the CIO does not have a Board position him or herself. Most enterprises already have Audit Committees, Remuneration Committees and Risk Management Committees therefore Technology, where it is of strategic importance to the enterprise, should equally be represented.
One enterprise that already does this is NYSE/Euronext. No-one doubts the importance of technology to trading platforms such as the New York Stock Exchange and Euronext and it is good to see that their Technology Committee forms an essential part of their governance structure. The Committee is chaired by a Brit, Sir George Cox who, many years ago, was a forming partner of Butler Cox, a well respected UK consultancy firm. His credentials are impeccable. I had the pleasure of meeting Sir George at an IT Investment Value seminar at which I was speaking a year or so ago and it was good to hear his perspective on the importance of value to business investment decisions, He was particularly clear that investment governance messages need to be targeted to the senior business audience, ie the Board, rather than to the CIO and IT management, although from my recent experience CIOs are fast coming on board the value bandwagon. This is encouraging.
For those interested in following the NYSE/Euronext example, the charter of their Technology Committee can be freely downloaded from http:/www.nyse.com/pdfs/technology_charter.pdf. If anyone is aware of any other good examples I would be delighted to hear from you.
One enterprise that already does this is NYSE/Euronext. No-one doubts the importance of technology to trading platforms such as the New York Stock Exchange and Euronext and it is good to see that their Technology Committee forms an essential part of their governance structure. The Committee is chaired by a Brit, Sir George Cox who, many years ago, was a forming partner of Butler Cox, a well respected UK consultancy firm. His credentials are impeccable. I had the pleasure of meeting Sir George at an IT Investment Value seminar at which I was speaking a year or so ago and it was good to hear his perspective on the importance of value to business investment decisions, He was particularly clear that investment governance messages need to be targeted to the senior business audience, ie the Board, rather than to the CIO and IT management, although from my recent experience CIOs are fast coming on board the value bandwagon. This is encouraging.
For those interested in following the NYSE/Euronext example, the charter of their Technology Committee can be freely downloaded from http:/www.nyse.com/pdfs/technology_charter.pdf. If anyone is aware of any other good examples I would be delighted to hear from you.
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