Summary
In our last issue, we started a discussion of the three elements of the governance structure of ESOP companies with a brief analysis of the role of the board of directors in the oversight and governance of our companies. With this issue, we move from this highest level oversight unit to the other end of the spectrum – the management level employees of the company.
So, what is the function of senior management in the governance of ESOP companies? Simply put, the function of management in an ESOP company is the same as in any other company – to manage very well to achieve strategic objectives and to participate in the strategic operation of the company by giving the board feedback on how the strategic plan is being successfully implemented and, more important, where it is failing.
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