The board of directors is expected to provide direction and oversee a wide range of business concerns. To accomplish this they need to be engaged in productive tasks. This includes fulfilling their decision-making responsibilities, completing committee assignments, and coordinating meetings efficiently. It also means evaluating traditional practices and introducing new ones to enhance efficiency, productivity and effectiveness of the board.
Meeting Attendance
Meetings are held regularly and are a good indicator of the board’s commitment towards good governance and, consequently, to the value creation tasks that the business helpful site relies on them to carry out. It’s not enough. As shareholder activist Nell Minow points out, “the boards of some of our most loved companies have low or no attendance records. Some of the most famous names on these boards don’t attend, and when they do show up they’re not always prepared.
Induction programmes tailored to the needs of new directors help them quickly become familiar with their businesses. Continuing education helps keep board members up-to-date on changes in law and industry that could impact their duties. A growing number of boards are establishing culture initiatives that encourage transparency, trust, and collaboration to drive effective decisions and help achieve strategic goals.
Some boards choose to delegate certain tasks to non-board members with specific skills, contacts or knowledge. This allows a wider range of people to participate in the board’s activities, giving busy professionals the chance to contribute to their cause, and develops talent for future board post.