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PurposeThe purpose of this research paper is to explore the proposition that diversifying the board in terms of gender, ethnicity or skill base may require consideration of the specific strategic environment of the organisation. The proposition arises from the question as to whether or not greater diversity in board configuration is desirable in certain circumstances and considers the group dynamics, skill mix and capabilities that are required by boards under different conditions of change and strategic complexity.Design/methodology/approachThe study examines the financial performance of New Zealand publicly listed companies over a five‐year period and focuses on changes in board composition, strategic activity and implications for corporate performance.FindingsThe study finds limited support for the idea that board configuration, strategic context and corporate decision quality may be linked.Originality/valueThis paper will be of particular value to those involved in the appointment of directors within the private and public sectors. In particular, it focuses discussion on the strategic environment faced by the organisation and the relevance of a range of potential selection criteria when appointing new directors. It is also of interest to researchers evaluating the value of social capital and gender equity in contemporary organisations as, based on empirical reseach, it challenges conventional thinking. By implication, the paper also questions whether or not boards are actually able to influence key outcomes in the manner expected by legislators.

Board configuration is discussed in the context of the perceived needs of the board as a strategic resource of the organization. This is highlighted in the context of the differing governance, performance and social requirements of organizations pertaining to private sector, state and local government ownership structures. Examined is the view that in bringing particular perspectives resulting from their professional, ethnic or gender backgrounds, directors contribute to board effectiveness. This notion is evaluated in terms of directors' coping devices and their perceptions of their ability to be heard on the board. Initiatives that boards may use to ensure the success of such appointments are highlighted. Consideration is also given to enhancing the dynamics of established but dysfunctional appointments. In concluding, the paper develops criteria for success in making board appointments where the prospective appointee is a minority in terms of professional discipline or other forms of diversity.

Le currency board est souvent présenté comme la seule organisation monétaire permettant une convertibilité au pair d'une monnaie nationale en une monnaie de réserve. Ce système cumule deux défauts, le maintien du risque de change et l'absence de prêteur en dernier ressort, même si le premier inconvénient est censé disparaître avec le second. Cet article évoque une alternative au currency board, ainsi qu'à la dollarisation officielle parfois proposée pour supprimer définitivement le risque de change. Cette alternative issue de la théorie de la Banking School et que nous appelons banking board permet de doter le système d'un prêteur en dernier ressort tout en supprimant le risque de change.