Being a member of a board can be a huge privilege but it also carries with high expectations and risks. It’s therefore not something to be entered into lightly–it requires the right set of skills and a thorough comprehension of the role directors play in shaping the direction of an company’s culture.
A board is a group of individuals who govern the business and ensure it operates legally, with its shareholders and stakeholders in mind. They are completely independent of the management of the company and its day-today activities and can have a strategic influence on business.
A board of director has a number of important duties, including ensuring that an organization is operating in compliance with the law, standards of the industry and ethical guidelines. Board members are accountable to identify risks, reviewing financial reports, and monitoring the performance of executives.
Strategic insight: A board could provide a fresh perspective on your business. They can help you identify new markets, deal with legal issues, or provide advice in finance, marketing, law or law. In most cases, these are areas of knowledge that your employees might not be familiar with.