Boards are responsible for hiring, supervising and terminating senior management. They also make sure that the company is on track to reach its goals in the long run and that management is performing well. They also provide guidance and support to the CEO as well as ensure the compliance of regulatory bodies and ethical standards.
Most boards focus on the big picture. It’s as a jumbo jet flies at 3000 feet. A CEO is like a pilot flying at 2,000 feet, and making adjustments as needed.
The primary task of a board is to create an overall strategy for the business and then work as a group to implement it. During times of crisis, they can be invaluable. “No CEO is an expert in everything,” says Brotherton. “But the board provides them with an elevated, strategic vision and can guide the company through difficult waters.”
One of the most valuable contributions board members make is through their professional networks. A board member with a solid background in a particular industry or business may be able to connect the organization to useful resources, including potential strategic partners, investors, and professional advisors.
A successful board member can offer constructive challenges and positive feedback on matters of strategic importance like organizational investments as well as performance evaluations, program funding and policy creation. Your career could be significantly impacted by the opportunity to enhance your governance skills and increase your corporate credibility. In addition, the chance to build a robust network of professional connections could open up future opportunities for you in both the public and private sectors.
