In addition to hiring, overseeing and firing senior managers The boards are also responsible to ensure that management is functioning at an optimum level and keeping the company on track in line with its strategic objectives. They provide guidance and support to the CEO, and ensure compliance with ethical standards and regulatory bodies.
The majority of boards focus on the big picture. They’re like a jumbo-jet soaring at 30,000 ft. A CEO is like the pilot flying at 22,000 feet and making adjustments as required.
The most important job of the board is to create a company’s overall strategy and then work in with a team to implement the strategy. When faced with a crisis, they can be extremely helpful. “No CEO is an expert in every area,” says Brotherton. “But the board gives them a high-level, strategic lens and can guide the company through challenging waters.”
Some of the most valuable contributions that board members make are their professional networks. A board member with an extensive background in a particular field or business sector can assist in connecting the organization to important resources, including potential strategic partners, investors and professional advisors.
A board member who is successful can offer constructive challenge and positive input on important strategic issues like investments in the organization and performance www.theseboard.com/creation-development-and-operation-of-your-advisory-board/ evaluations, program financing and policy development. Your career may be impacted by the opportunity to improve your governance skills and build credibility for your company. The opportunity to build a solid network of professional contacts may also lead to new opportunities in both the public and private sectors.
