A board is an organization that supervises an institution and ensures that it is legally run in the best interest of shareholders and stakeholders. It does this independently from the management of the company and its day-today operations. The role of a board is a essential one, particularly as the world continues to change in a more volatile way with new opportunities and risks.
A great board is comprised of many different skills leadership styles, experiences and styles. This is a reflection of diversity of thought and the ability to think out of the box and consider an issue from all angles. The composition of boards should be carefully considered and planned for, with consideration for the needs of leadership as well as the future.
Boards must also be agile and flexible enough to adapt to shifting issues, which often require the board to rethink its structure and committees. The rapid growth of cyber security threats for instance has forced boards look for experts in this area. Additionally, the global volatility has prompted boards to look for directors with prior experience in managing difficult times.
A good board will be able to recruit and keep members with diverse backgrounds, skills, and perspectives to help achieve its goals. It is imperative that boards utilize a board-matrix system to help them select candidates with the right mix of soft and hard skills. This can be utilized with an online board portal like iBabs to help new directors become more proficient by giving them greater chances to collaborate and engage with their colleagues.
