Board Management is the method by which a company’s leadership team interacts with its Board of Directors and how the Board manages itself. By following the best practices for composition, communication, and governance, a company’s board members can bring significant value to its business.
A board’s role is to provide oversight, financial guidance and strategic direction, leaving the policy decisions at a lower level to management. A well-functioning board should be an integral part of the success of a business. The Board should be able to challenge the CEO and senior management with difficult questions, foster the culture of trust and transparency, and push for better non-financial performance indicators.
Affiliating diverse talent to your board will allow you to bring in different viewpoints and experiences, and can lead to more innovative problem-solving and decision-making. This includes professional backgrounds, life experiences and cognitive diversity. This kind of expertise will help your board become more powerful and efficient, as well as empowering.
Structured meetings help keep a board on the right track, focused and productive. By setting clear expectations for preparation, contributions to meetings and actions afterward, it makes it easier for everyone to fulfill their responsibilities. It is essential to establish clear roles for committees, the way they function and how they relate to the board, and the function of the chair.
A secure, customizable board portal allows board members to attend and prepare for meetings in a cooperative and efficient setting. With simple tools for agenda planning, meeting minutes and more, a streamlined experience for the board helps them work together and stay productive whether they’re in the same room or across the world.