Boards are responsible for the strategic oversight of a business, including its finances and the management of risk and opportunities. They also guide leadership succession as well as talent development and corporate culture, all while creating and implementing policies that are based on the best interest of shareholders and other stakeholders.
All board members, regardless of the type or purpose of their organization, must fulfill three specific obligations:
1. Providing a foundation of values and goals.
Board directors must comprehend, support and communicate the fundamental values of their company. This could be compassion or respect. In a similar vein, they must be able and willing to show those values through their actions and interactions with staff as well as others. In the aftermath of the pandemic, many companies have reaffirmed their values and made a commitment to their staff and to the community to live by these values every day as they move forward.
2. Provide a platform to help the business expand.
A board of diverse expertise and experience will be capable of helping, whether you want to expand your business into new markets or to accelerate growth. Having a member with sales experience can offer insights and perspectives on the revenue-generating side of a business, whereas someone with fundraising skills may be able to entice investors capital.
In the recruitment and interview process, it is important to provide the new members of the board with a thorough training session. This will give them an accurate overview of their roles and obligations, allowing them take on their new role with confidence.
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