The board of directors is the ultimate team that has the responsibility for an organization, company or business. Board members both inside and outside, work on a voluntary basis and are not paid for their duties. They are expected attend meetings and prepare for them. They may also be a part of other committees. They are responsible for maintaining the integrity of an organisation and are required to complete conflict of interest disclosures.
Depending on the nature of company, the number of directors could be different based on the type of business. Smaller companies typically choose boards comprising five to seven persons while larger companies typically require at least 9 to 11 directors. The size, complexity, functions and representation requirements of the company should be taken into consideration when choosing board members. It is crucial to have a diversity of people with different skills and knowledge.
Board members should be passionate about the business and committed to its growth. A good board member must also be a creative thinker and have the ability to find alternatives that will drive an organization forward. A good board member should be a defender who is a devil’s advocate to find out whether ideas and assumptions are sound.
A good board member should be able to raise money for a business. They should be able to use their position in the community as well as personal relationships to attract investors. Usually, boards organise fundraisers such as galas, events, campaigns and auctions to assist in meeting the company’s financial goals.
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