A successful board member takes their role seriously, and makes a meaningful contribution. They must be able make difficult decisions, make smart choices, and keep the bigger picture in their mind while contributing with a unique perspective based on their own experience. A competent board will help the company achieve its goals and objectives by providing guidance and www.boardcontest.com/four-tips-to-make-you-a-successful-board-member/ oversight. They will have a strong desire to see the company succeed, and are not shy to voice their opinions.
While having many connections is important for organizations, they should also focus on attracting those who are dedicated to the cause and willing to dedicate their time. It is also important to ensure that your board members have the appropriate abilities. According to Institutional Shareholder Services the boards of Enron and Kmart and the ailing retailer Warnaco had a variety of financial skills and knowledge. They included former Stanford deans and accounting professors, as well as a prominent Asian financier and the former head the U.S. Government’s Commodity Futures Trading Commission. However, these credentials weren’t enough to keep the businesses from falling.
In the same way regular attendance at meetings is frequently considered an indicator of conscientious board members. However, as Stanford GSB adjunct professor of corporate governance Nell Minow points out, this alone does not distinguish boards that are either good or bad. Attendance records for the boards at GE and WorldCom (which were both on Fortune’s 2001 list as the most-admired companies) are similar.