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Board Management is the method that a company’s leadership team interacts with its Board of Directors and how the Board regulates itself. By observing best practices for composition, communication and governance the members of a company’s Board are able to add value to the company’s business.
The role of the role of a Board is to provide oversight of strategic direction, financial guidance, but leave the decision-making on management policies at the lower levels to the management team. A well-functioning Board should be a trusted partner in the success of a company. The Board should ask the chief executive officer and senior managers the most important questions, promote transparency and trust, as well as enhance non-financial performance metrics.
Affiliating diverse talent to your board enables you to include diverse perspectives and experiences and can lead to more innovative thinking and decision-making. This can include diverse 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 keep a board focused and productive. They also keep the board on track. Establishing clear expectations regarding preparation, participation in the meeting and actions to be taken afterward makes it easier for everyone to fulfill their responsibilities. It’s important to clearly define the roles for committees, including how they function and how they relate to the board, as well as the role of the chair.
A secure and customizable board portal enables board members to join and prepare for meetings in a collaborative and efficient environment. A simple experience, using easy-to-use tools such as agenda development, minutes of meetings, and more, helps the board collaborate and be efficient, whether in one room or across the world.
