A board is a set of people which oversees an organisation and ensures that it functions legally and in the best interests of shareholders and stakeholders. It does this without regard to the management of the company and its day-today operations. The role of a board is a essential one, particularly as the world is evolving in an increasingly volatile manner with new opportunities and risks.
A good board is composed of a mix of skills, experiences and leadership styles. This is a requirement to think differently and from different perspectives. The composition of the board must be carefully considered and planned in accordance with the demands of leadership in the future.
Boards should also be agile and flexible enough to deal with rapidly changing situations, which usually require the board to reconsider its structure and committees. For instance, the rapid development of cybersecurity risks has forced boards to seek new expertise in this field. In addition the volatility of the world has led boards to search for directors with previous experience in dealing with difficult times.
A successful board should be able to find and retain members with diverse backgrounds, abilities and perspectives which can help the board achieve its goals. This is why it’s vital for boards to use a board matrix that can help in attracting candidates who have the right mix of soft and hard skills. This can be used in conjunction with a board portal such as iBabs to assist new directors get up to speed quickly by providing them with more opportunities to collaborate and interact with their colleagues.
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