The board of directors oversees a company’s governance practices and supports the management’s strategies. It also ensures that the business operates legally and in the best interests of shareholders and other stakeholders. The board can include an assortment of insider and outgoing members, each elected for a set term. The ideal board is diverse, well-rounded and has a broad range of abilities, experiences, and backgrounds. They should reflect the the different types of operations management organization’s core values and show a commitment to its mission.
In addition to providing leadership and governance expertise boards must be willing to accept risks and make difficult decisions. They must also demonstrate a deep understanding of their fiduciary responsibility and demonstrate the ability to work with others in a team-oriented manner. They must be able to articulate the vision and strategic direction of their company, and understand how to create and execute an action plan.
Boards should be prepared to respond rapidly to changes in the business and societal environment. They should be proactive in their approach to managing risk and opportunity as well as talent management corporate finance as well as succession planning for the CEO, organizational culture branding, community awareness and outreach, as well fundraising.
A great way to establish a strong board of directors is by establishing an applicant database of qualified candidates and inviting them to apply for positions whenever openings arise. This can be as easy as posting an LinkedIn job advertisement or sending out an email message.
