What Makes a Successful Board Member

A board member who is successful is one who takes their responsibilities seriously and contributes in a meaningful way. They need to be able make difficult decisions, think strategically, and keep the bigger picture in their mind while bringing a unique perspective from their own personal experiences. A well-run board of directors will help the organization achieve its mission and goals by providing guidance and oversight. They will be driven to see the organization thrive and will not be afraid to share their opinions.

While having lots of connections is essential for organizations but they must also concentrate on attracting people who are committed to the cause and willing to invest their time. It’s also crucial to ensure your board members possess the necessary skills. According to Institutional Shareholder Services the boards of Enron and Kmart and the ailing retailer Warnaco had a variety financial competencies and expertise. They included former Stanford deans and accounting professors, as well as a well-known Asian financier and the former head the U.S. Government’s Commodity Futures Trading Commission. However the credentials were not enough to keep the businesses from going under.

Participation in board meetings is often seen as an indication of a responsible member. As Stanford GSB https://boardcontest.com/ adjunct faculty of corporate governance Nell Minow explains, this measure does not differentiate between boards that are good and bad. In fact attendance records for the boards of GE (which was featured on Fortune’s 2001 list of the most loved companies) and WorldCom show little difference.