A board member is responsible for ensuring that the company’s governance functions are performed efficiently. This includes tasks like strategic planning and financial oversight as well as legal compliance. It also includes the management of investment in programs, funding for organizations and policy development.
Aboard members are also accountable to evaluate possible conflicts of interest as well as keeping their integrity. This includes reviewing their organization’s legal organizing documents and bylaws, including an extensive conflict of interest policy in place and following it.
A board member should also ensure that they have all the skills required for the position they are filling. This includes knowing the terminology used in their field and understanding the complexity of documents, like financial reports and strategic reports. In addition, they must be capable of thinking with a critical and creative mind, recognize the risk and know what questions to ask their internal and external advisors.
They must also be able communicate their ideas and be able to participate in productive discussions with the other members of the board. This is especially crucial when discussing sensitive issues that require a high level of confidence and discretion. They should also be willing to dedicate the time needed to perform their responsibilities which include participating in meetings, delivering effectively, and thoroughly reading the material prior to the meeting.
A second responsibility is to find and select new board members. Always be on the lookout for candidates who can bring knowledge, talent, and experience into the boardroom. This may involve visiting facilities, engaging with volunteers and searching for potential candidates on social media.