It’s an incredible honor to serve on the board, but there are certain expectations and risks. Therefore, it’s not something to be taken lightly. It requires the right set of skills and a clear understanding of the role that directors play in shaping an organisation.
A board is a set of individuals who govern the company and ensure that it operates lawfully, with its shareholders and stakeholders in mind. They are completely independent of the management of the company and its day-today operations which allows them to influence the strategic direction of business.
One of the most important responsibilities of a board of directors is to ensure that a company operates in accordance with laws as well as industry standards and ethical guidelines. Board members are also accountable for identifying and managing risks and financial http://www.boardroomnow.info/what-is-the-difference-between-oversight-and-management/ reports, and evaluating executive performance.
Strategic insight: A board can provide a fresh look at your business. They can assist in identifying new markets, deal with legal issues or offer expertise in finance, marketing law, or law. These are usually areas of knowledge that your employees may not be aware of.
Leave a Reply