The responsibility of a board member is to ensure that the governance functions of their organization are effectively carried out. This includes tasks like strategic planning, financial supervision, and legal compliance. This includes managing the company’s investments program funding, as well as the development of policies.
Aboard members are also responsible to evaluate potential conflicts of interests, as well as maintaining their integrity. This means reviewing their company’s legal documents and bylaws, including a thorough conflict of interests policy in place and adhering to it.
A board member must also ensure that they possess the necessary skills to fill the role they are filling. This includes being familiar with the terminology of their field and being aware of the complexity of documents like strategic and financial reports. In addition, they must be able to think creatively and critically, comprehend the dangers and be aware of what questions to ask internal and external advisors.
They should be capable of communicating their ideas to the rest of the board, and also participate in discussion. This is crucial when addressing sensitive issues which require a high degree of confidence and discretion. They should also be prepared to dedicate the time needed to perform their duties which include attending meetings, contributing effectively, and studying the material prior to meeting.
Another aspect is recruiting, selecting and informing new board members. Always be on the lookout for candidates who can bring their knowledge, skills and experience to the boardroom. This often involves visiting facilities and engaging with volunteers, as well as seeking out talent via social media and other channels.