Board of directors are expected to provide guidance go right here and oversight over a wide range of business issues. To accomplish this, they need to be engaged in productive work. This includes making decisions and completing the tasks of committees and effectively directing meetings. It also involves evaluating existing practices and developing new strategies that boost board effectiveness as well as efficiency and productivity.
Meeting Attendance
Regular attendance at meetings is a good indication of a board’s dedication to good governance, and, as a result to the value-creating activities the company depends on them to carry out. But it’s not enough. Nell Minow, a shareholder activist, says that „the boards of many of our most revered corporations have weak or no attendance records.“ Some of the biggest names on these boards barely show up in the first place, and when they do, they are usually not prepared.“
Induction programs designed to meet the needs of directors who are new to the board help them quickly become familiar with their organizations. Continuing education helps keep board members informed about changes in the law and business that could impact their responsibilities. A increasing number of boards have adopted culture initiatives to promote openness and trust, in order to make sound decisions and achieve their strategic goals.
Few boards have all the necessary skills or experience and therefore, some boards choose to delegate some of their responsibilities to non-board members with particular experience, skills, contacts or expertise to serve on committees. This allows a wider range of people to participate in the work of the board. It also provides busy professionals with an opportunity to serve an organization they are passionate about and helps develop potential for future board roles.
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