A board member is a crucial job that entails serving as a fiduciary for an organization. The main responsibilities of a board include oversight, governance and accountability, and setting a clear strategic direction. The board service gives you the chance to contribute to an important mission in your community, and has a profound influence on individuals and organisations.
In a publicly held company, the board represents the owners (shareholders or stockholders) and sets policy that determines issues such as whether or not to pay dividends, the size of the dividend, stock options granted, and hiring/firing/compensation of upper management. In reality it is the upper management, not the board who have the majority of the power and the directors are typically following management recommendations and voting for them.
When you are selecting the candidates for your board, it’s https://boardshould.com/6-tips-to-make-young-directors-effective/ vital to find people with the appropriate skills and also the character and experience necessary for the role. Competence is the ability to tackle complex problems and make informed decisions. Character is a reflection of the values of your business. The way you select individuals who embody these values will reflect what your organization stands.
A great way to locate the right candidate is through your network. Find a trusted friend in your community or network group for connections to the executive director or board. Introduce yourself and explain why you’re interested in joining the board and what your of record is in showing up and preparing for meetings.