A board is a group which oversees an organisation and helps ensure that it functions legally and in the best interests of stakeholders and shareholders. It does this without regard to the management of the company as well as day-today operations. A board’s role is a vital one, particularly as the world continues to change in an increasingly volatile manner with new opportunities and risks.
A good board is composed of a variety of different capabilities, experiences and leadership styles. This includes the ability to think differently and from different angles. The composition of boards should be carefully considered and planned for, taking into account the needs of the leadership in the present and the future.
Boards also have to be agile and flexible enough to be able to respond to quickly changing issues, which may require them to revise their structure and committees. For example, the rapid increase in cybersecurity threats has forced boards to seek new expertise in this field. Additionally, global volatility has led boards to seek out directors who have had experience in managing difficult times.
A good board should be able of attracting and keep members with different backgrounds, perspectives, and skills that can help the board meet its objectives. This is why it’s crucial for boards to implement a board matrix that helps to find people with the right mix of soft and hard skills. This can be utilized in conjunction with a board portal such as iBabs that can help new directors become proficient quickly by providing them with more opportunities for collaboration and interaction with their colleagues.