A board is a group which oversees an organisation and ensures that it operates legally and in the best interest of shareholders and stakeholders. It does this independently from the management of the company and its day-today activities. The role of a Board is crucial especially in a society that continues to change and become more volatile as it encounters new dangers.
A great board is comprised of a range of capabilities, experiences and leadership styles. This includes the ability to think differently and from various angles. The composition of the board must be carefully thought through and planned, taking into account the needs of the leadership as well as the future.
Boards must also be flexible and agile enough to adapt to changing issues, which can require the board to rethink its structure and committees. The rapid growth of cyber security threats, for example https://boardmanagementsystem.info/what-is-the-biggest-challenge-facing-the-ceo-of-today have forced boards to look for experts in this area. Additionally, global volatility has led boards to search for directors who have had experience in managing challenging times.
A good board will be able recruit and keep members with different backgrounds, skills and perspectives to help it to achieve its goals. This is why it’s important for boards to use an effective board matrix that assists them find candidates with the right combination of soft and hard abilities. This can be utilized with an online portal for boards like iBabs to assist new directors quickly get up to speed by offering them more chances to collaborate and engage with their peers.