'Beyond Budgeting' pioneer visits LUMS
Published 26 April 2012
Bjarte Bogsnes, Vice President of Performance Development at Statoil and author of “Implementing Beyond Budgeting: Unlocking the Performance Potential” (John Wiley & Sons, 2009; with a foreword by Robert Kaplan, cofounder of the Balanced Scorecard), visited Lancaster University Management School on 15 March 2012.
As part of an open guest lecture for the Accounting and Finance postgraduate course Management Control Systems, Bogsnes presented Statoil’s innovative management model to a mixed audience of postgraduate, MBA, and PhD students.
Statoil realised that traditional leadership and management practices no longer work in today's business environments which are more complex, dynamic and unpredictable than ever. The company implemented innovative and agile alternatives to traditional management including abolishing both traditional budgets and calendar-based management. Drawing from best practices of cases where Bogsnes headed up the implementation of Beyond Budgeting, he discussed how an organisation can maximise a performance climate with teams committed to a common purpose, shared rewards, and sustained value creation.
Bogsnes, a popular international speaker, is Chairman of the Beyond Budgeting Roundtable Europe (BBRT) and Member of the Advisory Board, Palladium Execution Premium Community (XPC). He heads the Beyond Budgeting project at Statoil, Scandavia’s largest company with operations in 35 countries and a turnover of 80 bn USD. He has a long international career in the oil business, both in Finance and HR. As group controller for the petrochemicals company Borealis, he headed the abolition of budgeting in this company in the mid-1990s and has been advocating the Beyond Budgeting principles ever since.