The board of directors is responsible for the day-to-day operations and long-term strategies of a business or non-profit organization. It is the group that is accountable to shareholders and other stakeholders.
The board decides on and supervises the chief executive officer as well as other management personnel. The board also approves and decides major changes to the direction of a company. Additionally, the board typically counsels the CEO and other executives regarding strategic goals and capital allocation. It also provides advice on risks and legal issues because it is legally accountable for the most crucial business decisions.
It is crucial that board members embody the principles of collaboration and communication that help build trust and assure high-quality decision-making. Board members must be able to demonstrate leadership and governance skills. Additionally, it’s important for boards to include diverse gender and race, age, and geographical diversity to ensure that they reflect the company’s customer base.
Board members must also be able to dedicate a substantial amount of time. Over the last several decades board members have reported spending more time performing their duties. As such, it is crucial that when choosing board members, companies take the time to assess candidates with care. This can include an official orientation session to ensure that new directors have a more clear about the overall picture of the company its mission, its goals, and its past.
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