23 Oct Responsibilities of a Board Member
A board member is responsible for ensuring their organization’s governance functions are carried out effectively. This includes tasks such as strategic planning and financial oversight as well as legal compliance. This includes managing the company’s investments as well as funding programs, and policy development.
Aboard members are also responsible to evaluate potential conflicts of interests, as well as keeping their integrity. This involves reviewing their organizations’ legal organizing documents and bylaws, including a comprehensive conflict of interest policy in place and following it.
Furthermore, it is the duty of board members to ensure they have the required skillset for the position they’re filling. This includes knowing the terminology of their industry and understanding the complexity of documents, like strategic and financial reports. They should also be able think critically and creatively. They must be able to comprehend the risk, and be aware of the right questions to ask external and internal advisors.
They must be able to communicate their ideas to the rest of the board and be able to participate in discussions. This is crucial when discussing sensitive topics that require a high degree of trust and discretion. They must also be able to commit the time required to complete their tasks, including attending meetings, presenting effectively, and studying the material prior to the meeting.
Another area of responsibility is recruiting, selecting and orienting new board members. Always be on the lookout to find passionate recruits that bring expertise, knowledge, and experience into the boardroom. This may involve visiting facilities, interacting with volunteers and scouring for talent through social media.
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