Board Directors are the pillars of a business – they provide the oversight and direction to enable CEO’s to deliver their businesses in a way click reference that is beneficial to those who are involved. It is a great privilege, and for those who are looking to make a contribution to the world, it can be an enjoyable experience. It tests your leadership capabilities as well as forces you out of your comfort zone, and allows you to form close friendships with other board members. It also uncovers weaknesses you didn’t know you had and shows you how to address them.
While there are many benefits when you are on a committee, almost all boards are faced with significant challenges at some point. This article will discuss five of the most frequent problems Boards confront, and how they can overcome them.
1. New Non-Exec Directors
For non-executive directors who join on a board for the first time, it’s important to be prepared. In the past, new board members were formally welcomed by handing them the necessary reading materials which contained all the information they needed to know about the board as well as the company.
It is important to engage with them in a personal way, however as companies change rapidly and many non-executive directors come from diverse background. This can be done via telephone conversations, video chat, LinkedIn message personalised or even better by meeting in person. This will help them learn how they can add value to their first board meeting as well as establish relationships with other directors.