Boards are responsible for hiring, supervising, and removing senior managers. They also ensure that the company is able to meet its strategic www.theseboard.com/how-smaller-boards-benefit-from-board-portals/ goals and ensure that management is performing well. They also provide guidance and support to the CEO and ensure the compliance of regulatory bodies and ethical standards.
The majority of boards focus on the bigger picture. They are like a jumbo-jet flying at 30,000 feet. A CEO is similar to an aircraft pilot flying at 2,000 feet, and making adjustments as necessary.
The most important job of the board is to create the overall strategy for the company and then to work in the team to implement it. When faced with a crisis, they can be extremely useful. “No CEO is an expert in everything,” says Brotherton. “But a board gives them an overall, strategic perspective that allows them to guide the company through challenging waters.”
One of the most valuable contributions board members make are their professional networks. A board member with a solid background in a specific field or business sector can assist in connecting the organization to important resources, including potential strategic partners, investors, and professional advisors.
A board member who is successful can provide constructive criticism and positive input on matters of strategic importance including organizational investments, performance evaluations, program financing and policy development. Your career will be significantly affected by the chance to enhance your governance skills and gain credibility for your business. The chance to build a solid network of professional connections can provide new opportunities in the private and public sectors.