A board is a set of people that oversees an organization and ensures that it is legally run in the best interest of shareholders and stakeholders. It does this independently from the management of the company and its day-to-day activities. The role of a board is vital, especially in a world which is constantly changing and become more volatile board composition and executive control of the company due to new risks.
A great board is comprised of an array of abilities, leadership styles and experiences. This includes a diversity of ideas, as well as the ability to think outside the box and consider a situation from all angles. The composition of the board should be carefully assessed and planned considering the needs of the leader both in the present and into the future.
Boards must also be flexible and nimble enough to adapt to changing issues, which can require the board to revise its structure and committees. The rapid growth of cyber threats for instance has forced boards look for experts in this area. In addition the volatility of the world has prompted boards to look for directors who have experience dealing with difficult times.
A successful board should be able of attracting and retain members with a variety of backgrounds, experiences and perspectives which can help the board achieve its goals. It is crucial that boards use a board-matrix in order to select candidates with the right mix of hard and soft capabilities. This can be used with boards’ portals like iBabs to help new directors become more proficient by giving them greater opportunities to collaborate and interact with their colleagues.
