A board is a group of people who supervise and directs an organization to ensure that it is legally operating and in the best interests of shareholders and stakeholders. It does this independent of company management and day-to-day operations. The role of the board is a crucial one, particularly when the world continues to change in an increasingly volatile manner with new opportunities and risks.
A great board is comprised of a wide range of skills leadership styles, experiences, and leadership styles. This includes diversity of thought, and the ability to think outside of the box and look at the situation from different angles. The composition of boards should be carefully assessed and planned taking into account the needs of the leadership both now and into the future.
Boards must also be flexible and nimble enough to be able to react to rapidly changing situations, which usually require the board to rethink its structure and committees. The rapid growth of cyber security threats, for example have forced boards to look for new expertise in the field. In addition, the global volatility has led boards to search for directors with the experience of managing turbulent times.
A well-run board must be able to attract and retain members with a variety of backgrounds, abilities and perspectives that will help the board achieve its goals. This is why it's crucial for boards to utilize a board matrix that can help to find candidates who possess the right mix of hard and soft capabilities. This can be combined with a portal for board members like iBabs that can help new directors become proficient quickly, by providing them with more opportunities for collaboration and interaction with their colleagues.