Board of directors are expected to provide guidance and oversight on a broad range of business issues. To accomplish this they must be involved in productive activities. This includes performing their decision-making responsibilities and completing committee work and effectively managing meetings. It also involves evaluating the traditional practices and introducing new ones to increase efficiency, productivity, and effectiveness of the board.
Meeting Attendance
Regular attendance at meetings is a crucial indication of a board’s dedication to good governance, and, as a result to the value-creating work the company relies on them to accomplish. But it’s not enough. Nell Minow, a shareholder activist, points out that “the boards of many of our most admired corporations have poor or no attendance records.” Some of the most famous names on these boards don’t arrive, and when they do, they are often unprepared.
Induction programs designed to meet the needs of directors who are new to the board help them quickly become familiar with their businesses. The continuing education program helps keep board members updated on changes in the law and the industry that could affect their responsibilities. And a growing number of boards are establishing culture initiatives that promote openness, trust, and collaboration to drive effective decisions and meet strategic goals.
A few boards lack the required skills http://boardroomweb.info or knowledge and therefore, some boards choose to delegate some of their responsibilities to non-board members with particular expertise, experience, contacts or experience to serve on committees. This allows a wider range of people to participate in the work of the board, gives busy professionals with the chance to contribute to an organization they are passionate about and also helps to develop talent to be able to fill board positions in the future.