The Board of Directors and Stakeholders

The board of directors is the ultimate team that accepts responsibility for a company, organization or business. Board members are volunteers and not paid. They are expected attend meetings, prepare for them and participate in other committees. They are accountable for maintaining the integrity of a company and are usually required to sign conflict of interest statements.

Depending on the nature of business, the number of directors may depend on the type of company. Smaller businesses typically have an executive board of five to seven directors, while larger organizations require at least nine to eleven directors. The size, complexity, functions and requirements for representation of the organization should be taken into consideration when choosing board members. It is essential to have a diversity of people with a variety of expertise as well as knowledge and experience.

Board members must be passionate about the business and should be committed to the success of the company. A good board member should also be a thinker of the mind and be able to identify alternatives DocSend that can drive an organization forward. In addition, a successful board member should be a challenger, someone who plays devil’s advocate in order to determine what assumptions and concepts are strong.

A good board member should be able to raise money for a company. They should be able to leverage their personal connections and positions in the community to attract investors. Boards often organize events such as galas and auctions, and tournaments to meet the financial goals of the business.


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