Boards are responsible for strategic oversight of a business, which includes its finances and the management of risk and opportunities. They also manage succession to leadership, development of talent, and corporate culture, all while creating and implementing policies that are based on the best interest of shareholders and other stakeholders.
No matter what the type of company or purpose All board members must fulfill three specific obligations:
1. Providing a foundation of values and goals.
Board directors must be able to understand and promote the primary values of their company. This could be compassion or respect. In a similar vein, they must be able and willing to show those values in their actions and interactions with staff and others. After the pandemic, a majority of organizations have pledged themselves to their beliefs. They’ve also made promises to their staff and the community that they will abide by these values each day.
2. A platform that allows the company to expand.
If the goal is to expand into new markets or speed up growth, a competent board with a wide range of skills will help. The presence of a person with sales experience could provide insights and perspectives into the revenue-generating element of a business. Likewise, someone with skills in fundraising may be able attract investment capital.
During the selection and interview process, it’s crucial to provide the new members of the board with a detailed training session. This will give them a clear picture of their roles and obligations, allowing them take on their new role with confidence.
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