A board is a set composed of individuals who supervise and directs an organization to ensure that it is operating legally and in the best interests of stakeholders and shareholders. It does this independently of company management and day-to-day operations. The role of a Board is crucial, especially in a world that is constantly changing and become more volatile as it encounters new risks.
A well-rounded board includes many different skills as well as leadership styles and experiences. This includes diversity of thinking, and the ability to think outside of the box and consider the situation from different angles. Board composition should be thoughtfully assessed and planned with consideration to leadership needs both in the present and into the future.
Boards also need to be flexible and agile enough to respond to rapidly changing circumstances, which may require the board to revise its structure and committees. For instance, the rapid increase in cybersecurity threats has required boards to find new expertise in this field. Additionally the volatility of the world has prompted boards to look for directors with experience managing turbulent times.
A well-run board can recruit and keep members with different backgrounds, skills, and perspectives to help achieve its goals. This is why it’s vital for boards to have a board matrix that can help them find candidates who possess the right mix of soft and hard abilities. This can be used with a board portal such as iBabs to assist new directors quickly get up to speed by providing them with more chances to collaborate and engage with their peers.
