The Boards are accountable for the strategic oversight of an organization, which includes its finances, risk management, and opportunities management. They also oversee succession of leadership and talent development as well as corporate culture. They also establish and enforce policies that are geared towards the stakeholder and shareholder interests.
No matter what the type of organization or the mission, all board members have to fulfill three specific obligations:
1. A solid foundation for values and goals.
Board directors need to be able to understand how to support, communicate, and promote the fundamental values of their organization, be it respect, compassion or kindness. In the same way, they must be able exemplify these values in their interactions and actions with staff and others. Following the pandemic, a lot of organizations have reaffirmed their values and pledged to their staff and to the community that they’ll live by those values each day going forward.
2. Create a platform that can help the company grow.
If the goal is to expand into new markets or accelerate growth, a well-rounded board with a variety of expertise can be helpful. A member with experience in sales can provide valuable insights and perspectives on the revenue-generating side of a business, while those with experience in fundraising may be able to draw investors.
During the selection and interview process, it is important to provide the new members of the board with a detailed training session. This will enable them to understand the responsibilities and roles of board members so that they can step into their new role confidently.
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