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, while establishing and maintaining policies boardable that prioritize the best interests of shareholders and other stakeholders.
Whatever the form of organization or the mission, all board members have to fulfill three specific obligations:
1. The foundation is a set of values and goals.
Board directors must be able to comprehend and support the primary values of their company. This could include compassion or respect. In a similar vein they should be able to demonstrate the values they hold in their actions and interactions with staff as well as others. In the wake of the pandemic, a lot of companies have reaffirmed their values and made a commitment to their staff and community that they will live by those values every day as they move forward.
2. Offer a platform to help the business expand.
A board that has a range of skills and experience is able to help, whether your goal is to expand your business into new markets or accelerate growth. A member with sales experience can offer insights and perspectives on the revenue-generating aspect of a company, while someone with experience in fundraising might be able to entice investors capital.
During the interview or recruitment process, it’s important to provide new board members with a detailed orientation session. This will aid them in understanding the responsibilities and roles of board members so that they can take on the new role with confidence.