What Makes a Successful Board Member
A board member who is successful is one who takes their job seriously and makes a significant contribution. They must be able make difficult decisions, make smart choices, and keep the bigger picture in their mind while offering a unique perspective from their own experience. A well-run board can help the company achieve its goals and objectives by providing direction and oversight. They will have a strong desire to see the organization succeed and aren’t scared to speak their mind.
While having many connections is important for organizations, they should also focus on attracting people who are committed to the cause and willing to invest their time. It is also important to ensure that your board members possess the required qualifications. According to Institutional Shareholder Services, the boards of Enron, Kmart, and the ailing retailer Warnaco all had board members with a variety of financial competencies and expertise–including former Stanford deans who were accounting professors as well as an eminent Asian financier, and the former head of the U.S. government’s Commodity Futures Trading Commission. But these credentials weren’t enough to keep the companies from going under.
Likewise, regular attendance at meetings is frequently thought to be a sign of shrewd board members. But as Stanford GSB adjunct professor of corporate governance Nell Minow points out, this measure by itself doesn’t differentiate boards that are good or bad. In fact attendance records for boards of GE (which was included https://boardcontest.com/four-tips-to-make-you-a-successful-board-member/ on Fortune’s 2001 list of the most admired companies) and WorldCom are similar.
