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Building a Strong Board of Directors
A board of directors is responsible for providing oversight of a business and its governance practices, and offers support for the strategy formulated by management. It is also responsible for ensuring that the company operates legally and in the best interest of shareholders and other stakeholders. The board can comprise an assortment of inside and outside members, all elected for a specific period of time. The ideal board should be well-rounded and diverse in terms of abilities, experience, and background. They will embody the organization’s core values and show that they are committed to its mission.
Boards must also be willing to take risks and make tough decisions. They should also demonstrate an understanding and ability to collaborate in a team-oriented manner. They must be able to communicate the vision and strategic direction of their company and know how to create and execute plans.
Boards must be ready to quickly respond to changes in the societal and business environment. They must be proactive when it comes to risk and opportunity, talent management and corporate finance.
To create a solid board, it is best to establish an applicant database and invite them to apply as soon as vacancies arise. It’s as simple as posting an advertisement for a job on LinkedIn or distributing an email announcement.
