The board of directors is expected to provide direction and supervise a variety of business matters. In order to do this effectively, they need to be involved in productive work. This includes making decisions and completing the tasks of committees and effectively directing meetings. It also involves evaluating existing methods and introducing new ones that increase efficiency, productivity, and the effectiveness of the board.
Regular attendance at meetings is a key indication of a board’s dedication to good governance, and, as a result to the value-creating activities the company is relying on them to carry out. It’s not enough. As shareholder activist Nell Minow points out, “the boards of some of our most loved companies have poor or nonexistent attendance records. Many of the most famous names on these boards don’t show up even if they do, they’re boardroomweb.info/azeus-convene-board-portal-most-useful-features/ often unprepared.”
The tailored induction programs assist directors in getting up to speed with their organizations, and ongoing education keeps board members informed of industry and legal changes that could affect their responsibilities. A growing number of boards have adopted board initiatives that promote openness and trust, in order to make sound decisions and meet strategic goals.
Some boards prefer delegating certain responsibilities to non-board members with specific expertise, contacts or experience. This enables a wider array of people to participate in the activities of the board. It gives busy professionals an opportunity to support their cause and helps to develop talent for future board posts.