A board is a set of people that oversees and directs an organization to ensure that it operates legally and in the best interest of shareholders and stakeholders. It does this without regard to management of the business and day-today operations. The role of a board is vital in a world that is constantly changing and become more volatile as it encounters new risks.
A successful board is composed from a variety of abilities, experiences and leadership styles. This includes the ability to think differently and from different perspectives. The composition of the board needs to be carefully thought out and planned in accordance with the demands of leadership in the future.
Boards also need to be flexible and nimble enough to respond to rapidly shifting issues, which often require the board to rethink its structure and committees. The rapid growth of cyber-related threats for instance view it have forced boards to look for experts in this area. In addition, the global volatility has led boards to seek out directors who have managed through challenging times.
A good board should be able to recruit and keep members with diverse backgrounds, skills and perspectives that can assist the board achieve its goals. It is essential that boards utilize an effective board-matrix to select candidates with the right combination of hard and soft abilities. This can be used in conjunction with a portal for board members like iBabs which can help new directors become proficient quickly, by providing them with more opportunities for collaboration and interaction with their colleagues.