A successful board member is one who takes their responsibilities seriously and contributes to the organization in an effective manner. They must be able to make difficult decisions, to think strategically and to keep the bigger vision in mind while giving their unique perspective based upon their personal experience. A competent board will assist the organization in achieving its goals and objectives by providing guidance and oversight. They will have a strong desire to see www.boardcontest.com/the-main-information-about-data-rooms/ the organization succeed and aren’t unwilling to speak up.
While having a large number of connections is essential for organizations however, they should also focus on attracting people who are committed to the cause and willing to commit their time. It is also important to ensure that your board members possess the required qualifications. According to Institutional Shareholder Services, the boards of Enron, Kmart, and the troubled retailer Warnaco all had board members who had a range of financial expertise and skills–including former Stanford deans who were accounting professors and a prominent Asian financier, and the former head of the U.S. government’s Commodity Futures Trading Commission. However, these credentials weren’t enough to prevent the companies from going under.
Attendance at board meetings is also often viewed as an indicator of a shrewd member. As Stanford GSB adjunct faculty of corporate governance Nell Minow explains, this measure does not distinguish between boards that are good and bad. In fact, attendance records for the boards of GE (which was listed on Fortune’s 2001 list of the most-admired companies) and WorldCom reveal little distinction.
