What are the duties and responsibilities required of a board member?
You will be expected to:
Provide continuity and a vision for the organization/corporation and correctly represent the corporation and the products and services that it offers to the public
Make decisions in the best interests of the shareholders/stockholders of the organization, including employees, customers, and the community
Review the performance of the CEO—should the CEO not be performing at the level he/she is expected to, the board is also responsible for selecting and appointing a new CEO
Report to the public the performance of the organization/corporation. Reporting topics would include: fiscal accountability, budgeting, and any policies that may have been enacted. The board is then responsible for any decisions it may make on behalf of their shareholders
Manage resources efficiently and effectively. There must be sufficient resources to keep the operation running
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On a more day-to-day level, a board member is expected to complete all due diligence and preparation prior to board meetings, attend all board meetings, and actively participate at each meeting. You should follow the basic formula that requires three hours of preparation for every one hour of actual board meeting time. Preparation may include reviewing financial documents, annual reports, performing industry and competitor research, and reviewing relevant newspapers and industry journals. The preparation for a board meeting is not something to be taken lightly.
Qualifications and Selection →