Effective board management requires a range of things, including the correct combination of people and structure. But it also includes an environment of open discussion and debate, and the capacity to engage with and effectively communicate with the CEO and board members, employees and directors who are independent. These qualities and behaviors can make all the difference.
The ideal mix of people will vary from company to company. The best board compositions balance personalities, skills and industry experience. They will include people with the confidence and courage to raise red flags, even in the most difficult situations. They will have a high degree of trust between them and the CEO. They will be capable of quickly and efficiently grasp the complexities of important company issues, including financial, operational and strategic opportunities and challenges.
In addition, boards need to ensure that they are aware of their role within the company. This is especially true for boards of non-profit organizations, who could face a substantial legal liability if they fail to comply with their governance responsibilities.
Boards must be able of identifying and evaluating the effectiveness of their boards. A rigorous assessment process can help them to address talent gap, establish a more transparent and open board culture, establish their strategic objectives, and align the entire board with the CEO.
In the end, it is crucial to review the committee structure and ensure that it has been created to support the board in achieving its objectives. It may be time to think about removing committees that are no longer necessary or changing the composition of existing committees. A committee focused on climate change risk may not be required for a bank that has no physical assets in the region.
https://boardroomevent.com/data-security-a-note-on-standards-and-certifications/
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