https://boardnearme.com/how-to-operate-with-data-room-due-diligence/
A board of directors is legally responsible for decisions at a high level, including the hiring and firing of the chief executive officer, directing the strategic direction of the company, and making sure that the company meets its goals. The board is comprised of experts, respected people and former executives who are chosen from the community. They are accountable for establishing the corporate governance.
A strong board is one that has a clear goal and operates with open communication, respect for diverse viewpoints and accountability to shareholders and other stakeholders. It also includes independent directors who are not entangled in conflicts of interest and who have an eye on the long-term for the business’s success. The importance of a formal orientation, establishing relationships with members, and having meetings on the right time is essential.
In addition to having business acumen, a good board member is also an intellectual and is capable of asking management and other board members challenging questions that challenge collective thinking and help produce the most effective decision. A board member’s expertise can be a valuable asset.
Boards are increasingly assuming additional responsibility, including strategic planning and risk and resilience management, diversity and inclusion, as well as technology and digitization. This means that they have to become digitally literate and have an increased responsibility in hiring and succession planning for the CEO and other top leaders. According to McKinsey COVID-19’s pandemic taught boards to be more proactive in addressing crisis and preparing for uncertainty.
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