A board of directors provides supervision of a business and its policies regarding governance, and offers support for the special info strategy proposed by the management. The board also ensures that the business is operating in compliance with the law and in the best interest of shareholders and other stakeholders. The board could be made consisting of outsiders and insiders each elected for a specific period of time. The ideal board is diverse, well-rounded and has a broad spectrum of experience, skills and backgrounds. They should embody the company’s fundamental values and demonstrate that they are committed to its mission.

Boards should also be able to take on risk and make difficult decisions. They must also display a deep understanding of their fiduciary responsibilities and demonstrate the ability to work in a manner that is team-oriented. They must be able to articulate the strategic direction and vision of their company, and understand how to formulate and implement plans.

Boards should be prepared to react quickly to changes in the business and societal environment. They should be proactive when it comes to the risk and opportunity, as well as financial management, and talent management.

A great way to establish a solid board of directors is by establishing an inventory of qualified candidates and inviting them to apply for jobs as soon as openings arise. It’s as easy as posting a LinkedIn job ad or sending an email with a message.