The Boards are accountable for the oversight of strategic aspects of an organization, which includes its finances, risk management, and opportunity management. They also guide leadership succession as well as talent development and corporate culture, all while making sure that policies are in place which focus on the best interests of shareholders and other stakeholders.
All board members, regardless of the type or purpose of their company, must fulfill three specific duties:
1. Establishing a foundation for values and goals.
Board directors need to be able understand how to support, communicate, and promote the values that define their company, whether it’s respect, compassion, or kindness. In the same way they should be able demonstrate those values in their actions and interactions with staff and others. After the pandemic, a number of organizations have recommitted themselves to their values. They’ve also pledged to their staff and community that they will abide by these values each day.
2. Create a platform that can help the company grow.
A board of diverse expertise and Board Meeting Mistakes experience will be in a position to assist, regardless of whether the goal is to expand your business into a new area or speed up growth. A member with sales expertise can provide valuable insights and perspectives on the revenue-generating aspect of a business, while someone with fundraising experience may be able to attract investment capital.
During the selection and interview process, it is crucial to provide new members of the board with an in-depth training session. This will aid them in understanding their responsibilities and roles, so they can assume the new role with confidence.