7 Tips for Creating a Board of Directors
Boards of directors are responsible for performing various duties, including selecting and appointing a chief executive for the organization, as well as ensuring that shareholders get the most out of their investment.
While the role of directors is a critical one, there are some pitfalls, including the fact that many directors who sit on boards hold senior management positions at other firms and may sit on boards of multiple companies, making it difficult for them to do an effective job at ongoing monitoring, according to a recent study.
So what is a company to look for when selecting board members? There are many factors, and those vary depending on the size of the organization. For this slideshow let’s assume you are a small- to midsize business looking to put together a board of directors. Here are 7 tips you must know when creating your board of directors.
If you've been through the process and have any tips to share, please leave a comment.