The board of directors is accountable for the company, organization, or business. Board members both inside and outside, serve in a volunteer capacity and are not paid for their duties. They are expected boardroomnyc.com/role-of-the-board-in-strategic-planning/ to attend meetings and prepare for them, as well as be a part of other committees. They are accountable for maintaining the integrity of a company and are often required to sign conflict-of-interest declarations.
Based on the type of company the number of directors can differ. Smaller companies often choose boards comprising five to seven persons while larger organizations usually require at least 9 to 11 directors. The choice of the board members should be dependent on the size, complexity, function and representation requirements of the company. It is essential to have an assortment of board members with a wide range of abilities, knowledge and experience.
Board members should be passionate about the business and dedicated to its success. A good board member should also be a nimble thinker and have the ability to come up with ideas that will improve the performance of an organization. A good board member is also someone who challenges the assumptions and ideas of others to test their strength.
A good board member must also be able to raise funds for a company. They should be able to use their personal connections and position in the community to draw investors. Usually, boards organise fundraisers such as campaigns, galas, tournaments and auctions to help meet a company’s financial goals.