A board of directors is responsible for providing oversight of a company as well as its governance practices and also provides support for the strategies proposed by management. It also ensures that the company is operating in compliance with the law and in the best interest of shareholders and other stakeholders. The board may be made from a mix of insiders and outsiders, each of whom is elected to a particular term. The ideal board will be multi-faceted and diverse in terms of abilities, experience, and background. They will embody an organization’s essential values and show an adherence to the goals.
In addition to providing leadership and governance expertise boards must be willing to embrace risks and make difficult decisions. They should also demonstrate a deep understanding and ability to work in a team-oriented way. They should be able communicate the strategic direction and vision of their organization and be able to create and execute plans.
Boards must be prepared for rapid response to changes in the business and social settings. They must be proactive when it comes to risk and opportunity, the management of talent and corporate finance.
To build a strong board, it is an ideal idea to build an applicant database and invite applicants to apply as soon as openings become available. This process can be as simple as posting a job advertisement on LinkedIn or sending out an email announcement.