What Makes a Successful Board Member

A successful board member is one who takes the role seriously and contributes to the organization in an authentic way. They must be able make difficult decisions, think critically, and keep the bigger picture in their mind while contributing a unique perspective from their own experience. A good board of directors will assist the organization in achieving its goals and mission by offering guidance and oversight. They will be motivated to see the organization flourish and are not afraid to voice their opinions.

While having a large number of connections https://boardcontest.com/ is essential organisations should focus on attracting people who are deeply about the cause and are willing to invest their time. It is also crucial to ensure that your board members possess the necessary skills. According to Institutional Shareholder Services the boards of Enron and Kmart and the troubled retailer Warnaco had a range of financial skills and knowledge. These included former Stanford deans and accounting professors and a prominent Asian financier and the former head the U.S. Government’s Commodity Futures Trading Commission. However these credentials were not enough to keep the businesses from failing.

Additionally regular attendance at meetings is often seen as a sign of good board members. As Stanford GSB adjunct faculty of corporate governance Nell Minow explains, this measure does not distinguish between boards that are good and bad. In fact, attendance records for the boards of GE (which was included on Fortune’s list of 2001’s most loved companies) and WorldCom reveal little distinction.

— Posted on September 28, 2023 at 12:00 am by