The Role of Corporate Boards
Boards are responsible for hiring, supervising, and removing senior managers. They also ensure that the company is on track to reach its strategic goals and ensure that management is in good shape. They also provide guidance and support to the CEO, and ensure that the company is in compliance with ethical standards as well as regulatory bodies.
Most boards focus on the big picture, similar to like a jet that is flying at 3000 feet. A CEO is like pilots flying at 2,000 feet, and making adjustments as necessary.
The primary function of a board is to develop a company’s overall strategy and then to work in with a team to implement the strategy. In times of crisis, they can be incredibly helpful. « No CEO can be an expert in every area, » says Brotherton. « But a board gives them a high-level, strategic lens that allows them to guide the company through difficult waters. »
Some of the most valuable contributions that board members make are their professional networks. A board member with experience in a particular field or business may be able to connect the organization to important resources, including potential strategic partners, investors and professional advisors.
A successful board member can provide constructive critique and constructive input to important issues such as investments in the organization and performance evaluations. They can also assist with program funding, policy creation, and funding for programs. The chance to improve your management skills and gain credibility in the business world can have a profound effect on your career. The chance to create an extensive network of professional contacts could also lead to new opportunities in both the private and public sectors.
