This is a Board/Executive level analysis of current state of the business, strengths, opportunities and exogenous factors.  The output of this exercise is a set of high level goals and boundaries (we will do this;  we will not do that). This strategy, once set, is used to guide all other forms of planning and decision making within the company.

According to David A. J. Axxon in “Best Practices in Planning and Performance Management”, this Includes Strategic Thinking and Strategy Making, but excludes strategic planning.  Strategic Planning is work done subsequent to the Executive Strategy Guidance that strives to build a plan that will deliver upon the goals set by it.

An example of a Strategy would be “We will be 50% Renewable Energy within 5 years”