The Boards are accountable for the strategic oversight of an organization, including its finances, risk management, and opportunities management. They also oversee succession of leadership, talent development, and corporate culture. They do this by setting and maintaining policies that are based on the best interest of shareholders and other stakeholders.

All board members regardless of the nature or purpose of their organization, must fulfill three specific requirements:

1. Establishing a foundation for values and goals.

Board directors must be able to understand and promote the main values of their company. This could include compassion, respect or kindness. In a similar way, they must be able exemplify these values in their interactions with staff and others. After the pandemic, a number of organizations have recommitted themselves to their values. They’ve also made a commitment to their employees and the Board Report community that they will abide by these values each day.

2. A platform that allows the company to grow.

If the goal is to expand into a new market or to accelerate growth, a well-rounded board with diverse expertise can help. A member with a background in sales can offer valuable insight and perspectives on the revenue-generating aspects of a business, while those with experience in fundraising could be able attract investors.

During the selection and interview process, it is crucial to provide new members of the board with a thorough training session. This will give them a clear understanding of their roles and obligations, allowing them take on their new role with confidence.