A board of directors is responsible for providing oversight of a company and its governance practices, and provides support for the strategy formulated by management. It also ensures that the company is operating legally and in the best interests of shareholders and other stakeholders. The board can include members from inside and outgoing members, each elected for a specific period of time. The ideal board is diverse, well-rounded and includes a broad variety of experiences, skills and backgrounds. They will embody the organization’s core values and show an adherence to the mission.
Boards should also be able to take risks and make difficult decisions. They should also demonstrate an understanding of the business and the ability to collaborate in a team-oriented manner. They should be able communicate the strategic direction and vision of their company, and understand how to develop and implement an action plan.
Boards need to be prepared to quickly react to changes in the business and social contexts. They should be proactive in the areas of opportunities and risk, managing talent and corporate finance.
To establish a strong board, it is a good idea to create an inventory of qualified click to find out more candidates and invite them to apply as quickly as vacancies arise. This process can be as easy as posting a job ad on LinkedIn or distributing an email announcement.