In addition to hiring, overseeing and firing senior managers Boards are also responsible for ensuring that management performs at the highest level and ensuring that the company in line in line with its strategic objectives. They provide guidance and support to the CEO and ensure that they are in compliance with ethical standards and regulatory bodies.
The majority of boards focus on the bigger picture. They’re like a jumbo-jet flying at 30,000 feet. A CEO is similar to pilots flying at 2,000 feet and making adjustments as necessary.
The most important job of a board is to formulate an overall strategy for the business, and then work together as a group to implement it. They can be very useful during times of crises. «No CEO can be an expert in every area,» says Brotherton. «But boards provide them with an unbiased, strategic view, so they can help guide the company through challenging waters.»
One of the most valuable contributions that board members can make is through their professional networks. A board member with a solid background in a particular industry or business can help connect the organization to important resources, such as potential strategic partners, investors, and professional advisors.
A board member who is successful is able to offer constructive challenge and positive input on important strategic issues like investments in the organization and performance evaluations, program funding and policy formulation. Your career could be significantly affected by the chance to enhance your skills in governance and build credibility for your company. The chance to build an extensive network of professional contacts can provide new opportunities in both the private and public advisory board sectors.