A board is a set of individuals who oversees and directs an organization to ensure https://boardmanagementsystem.info/board-composition-and-executive-control-of-the-company it operates lawfully and in the best interests of stakeholders and shareholders. They do this independent of the management of the business and its day-today operations. The role of a board is crucial, especially in a world which is constantly changing and become more volatile as it encounters new threats.
A well-run board consists of a mix of capabilities, experiences, and leadership styles. This includes diversity of thinking, and the ability to think outside the box and look at the situation from different angles. The composition of boards should be carefully assessed and planned with consideration to leadership needs in the present and the future.
Boards should also be flexible and nimble enough to adapt to changing circumstances, which may require the board to revise its structure and committees. The rapid growth of cyber threats for instance have forced boards to seek out experts in this area. Additionally, global volatility has forced boards to search for directors who have had experience in managing difficult times.
A well-run board must be able to attract and retain members with a variety of backgrounds, experiences and perspectives which can help the board achieve its goals. It is essential that boards utilize a board-matrix system to help them find candidates with the right mix of hard and soft skills. This can be used in conjunction with a board portal such as iBabs which can help new directors get their feet wet quickly by providing them with more opportunities to collaborate and interaction with their colleagues.