A board is a body which oversees an organisation and ensures that it operates legally and in the best interest of shareholders and stakeholders. They do this independent of the management of the business and its day-today activities. The role of a board is crucial especially in a society that continues to change and become more volatile with new risks.
A successful board is composed of a variety of different capabilities, experiences and leadership styles. This is a reflection of diversity of thought and the ability to think out of the box and consider the situation from different angles. The composition of the board should be carefully thought through and planned considering the requirements of leadership today and in the future.
Boards must also be agile and flexible enough to be able to respond to quickly changing situations, which could require them to revise their structure and committees. For example, the rapid increase in cybersecurity threats has forced boards to search for new expertise in this field. In addition, the global volatility has led boards to seek out directors with experience managing through difficult times.
A well-run board can recruit and retain members who have diverse backgrounds, talents and perspectives to help it attain its goals. This is why it’s crucial for boards to use an effective board matrix that assists to find people with the right mix of hard and soft capabilities. This can be utilized with an online portal for boards like iBabs to assist new directors get up to speed quickly by providing them with more opportunities to collaborate and interact with their colleagues.
