McKinsey has found that boards of directors of corporations are increasingly “more confident in their knowledge of the companies they serve and more strategic in their approach.” And we know that strategy formulation is the first step to good governance.6 Also, as shown in an ADB study7, PLCs have begun to voluntarily adopt best practices.
There is greater appreciation that a balanced scorecard can generate firm-level  1  Paraphrasing an idea in Adam Smith’s The Theory of Moral Sentiments (1759). 2  “Robert S. Kaplan and David P. Norton, The Strategy Focused Organization: How a Balanced Scorecard Companies Thrive in the New Business Environment.”2001 Harvard Business School Publishing Corporation, p. 8.