Boards are accountable for hiring, supervising, and terminating senior managers. They also make sure that the company is able to meet its strategic goals and ensure that management is in good shape. They offer support and direction to the CEO and ensure compliance with ethical standards and regulatory bodies.
Most boards focus on the big picture, which is as a jumbo plane flying at 30,000 feet. A CEO is a lot like the pilot flying at 22,000 feet, making adjustments as needed.
The most important job of boards is to formulate the overall strategy for the company and then to work as an organization to implement it. They can be extremely helpful during times of crisis. “No CEO is an expert in every area,” says Brotherton, “but a board can provide them a lens that’s extremely strategic and high-level, to guide the company through turbulent waters.”
Some of the most valuable contributions that board members make is their professional networks. A board member who has a solid background in a specific field or business can help connect the organization with important resources, such as potential strategic partners, investors and professional advisors.
A successful board member is able to provide constructive challenges and positive feedback on issues of strategic importance like investments in the organization, performance evaluations, program funding and policy development. The chance to develop your management skills and gain credibility in the business world can impact your career. In addition, the chance to build a robust network of professional connections can create opportunities for you in the public and private sectors.