The board of directors oversees a company's governance practices and supports the management's strategies. The board also ensures that the business is operating in compliance with the law and in the best interest of shareholders and other stakeholders. The board could comprise members from inside and outside members, each elected for a specified period of time. The ideal board is well-rounded, diverse and has a broad range of skills, experiences and backgrounds. They should reflect the company's fundamental values and demonstrate an unwavering commitment to the purpose.
In addition to providing guidance and leadership boards must also be willing to accept risks and make difficult decisions. They should also demonstrate an understanding and ability to work in a team-oriented way. They must be able to communicate the strategic vision and direction of their organization and be able to formulate and implement an action plan.
Boards need to be ready for rapid response to changes in business and social contexts. They must be proactive in their approach to managing risk and opportunities as well as talent management, corporate finance as well as succession planning for the CEO, organizational culture branding, community awareness and outreach, as well fundraising.
A good way to build a strong board of directors is by establishing an online database of potential candidates and inviting them to apply for positions as soon as openings arise. This is as simple as posting an LinkedIn job advertisement or sending out an email message.
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