A board is a group of people that oversees and guides an organization to ensure that it is legally operating and in the best interests of stakeholders and shareholders. They do this independent of the management of the company and its day-to-day operations. The role of the board is a essential one, particularly as the board composition world continues to change in a constantly changing manner with new opportunities and risks.
A well-rounded board includes many different skills, leadership styles and experiences. This includes the ability to think differently and from various angles. The composition of the board must be carefully thought through and planned considering the requirements of leadership today and in the future.
Boards should also be flexible and agile enough to adapt to changing situations, which usually require the board to rethink its structure and committees. For instance, the rapid growth of cybersecurity threats has forced boards to search for new expertise in this field. Additionally, the global volatility has prompted boards to look for directors with previous experience in dealing with difficult times.
A well-run board will be able to attract and keep members with different backgrounds, skills, and perspectives to help it reach its goals. This is why it’s vital for boards to implement a board matrix that can help them recruit people with the right mix of hard and soft capabilities. This can be utilized in conjunction with a portal for board members like iBabs which can help new directors become proficient quickly by giving them more opportunities to collaborate and interaction with their peers.