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Posted by Nick Churchouse - Dominion Post on 29 September 2008
High growth companies are likely to appoint advisory groups or boards of directors though they are not required to do so by law, a new report says.
Surveying more than 300 companies who participated in the Deloitte-Unlimited Fast 50 competition, Victoria University Professor of Entrepreneurship Mark Ahn found a predisposition toward establishing a board of directors and actively using that board for strategic planning.
Half of those surveyed had a significant impact on creating company value.
The survey found 73 per cent of companies had advisory boards or boards of directors, though only a small number were required to as private companies.
Nearly every company said strategic planning was an important role for board members, in addition to having input on regulation and compliance.
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