There is a board-approved strategic plan that lays down and spells out the key strategies and plans of action to be implemented by the management in order to realize and perform the legislated mandate of the institution.
Guideline code
GG_01000
Mechanism
Mechanism
- The management should regularly update the board on the implementation of the strategic plan and the relevant annual plan that supports it. The update should include an evaluation of actual performance vis-à-vis the set goals, targets, milestones and deliverables, and recommendations on policies and measures to further improve performance or fine-tune the strategic plan to current developments.
- The board should monitor and review the implementation of the strategic plan, and provide guidance to the management on how performance may be improved.
Section B.1 provides more guidelines on the strategic planning process, with corresponding structures and mechanisms to facilitate the application of the guidelines.
Structure
Structure
- The board should provide guidance to the management in formulating the strategic plan for the relevant period. A strategic plan usually spans a period of from three to five years. The goals, targets, milestones and deliverables of the strategic plan should be further detailed and rendered precise by annual plans.
- The management submits for board approval the institution’s strategic plan.
- The board should hold the management accountable for the satisfactory implementation of the strategic plan.
Title HTML
Guideline 7. Strategic planning
Type
Guideline_1
Weight
14