External Strategic Advisory Committee Implementation and Facilitation
The Client
Global 100 company with operations spanning North and South America and lines of business in steel, coal, machinery, electronics, chemicals, energy, textiles, and logistics.
The Challenge
As a domestic subsidiary of a foreign parent, our client sought to adapt its business to best meet the needs of the American markets. In the short-term, our client sought guidance pertaining to corporate governance, adaptation to the U.S. legal system, and best-practice application of technology. In the long-term, our client required ongoing validation of business plans and strategies to emerge from a period of stagnant growth.
The Solution
To address the myriad of challenges facing executive leadership, HighQuest Partners devised a permanent advisory committee to meet on a quarterly basis with our client. HighQuest identified members for the advisory committee based on their experiences with challenges similar to those faced by our client, most notably those challenges pertaining to US subsidiaries of foreign parents. The committee consists of external executives, leading business scholars, and leaders from the client’s foreign parent. The advisory committee’s makeup is similar to that of a Board of Directors, but provides a forum for collaboration rather than governance by proposing solutions and approaches for our client to address their most pressing issues. HighQuest works closely with the client to outline topics and issues for the advisory committee discussion and, in some cases, manages the execution of the committee’s recommendations.
The Results
Founded in 2Q03, the advisory committee has provided our client with an outlet for external business advice that has resulted in increased visibility into subsidiary business operations, improved feedback channels for legal concerns, and a roadmap for the use of technology. The ability of the advisory committee to quickly resolve critical issues has caught the attention of our client’s parent and has provided a vehicle for our client and its parent to more freely exchange knowledge and coordinate strategies. As a result of the advisory committee’s success, our client plans to continue using the advisory committee throughout the foreseeable future.
