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Many senior executives see the board position as a crucial step in their succession plan. For younger executives it gives them the chance to establish policies that can help their communities while also giving recognition and credibility to their leadership. It doesn’t matter if you’re a seasoned executive or a rising star, the time commitment required to serve on a board is no small thing. It’s crucial to be clear about what your expectations are and that money shouldn’t be the primary focus.
A functioning Board of Directors can bring many advantages for the company as well as its directors. Board members’ objective advice and guidance reduces the likelihood of costly errors. This can lead to greater success in business. Investors, financial institutions clients, employees and customers all recognize the importance of a well-functioning board.
Aside from the obvious benefits to a person’s career and business, serving on a board also adds a lot of prestige to the professional profile of an executive. This boost in visibility and reputation is crucial when it comes to leveraging the experience and knowledge gained for new employment or business opportunities.
When it comes to choosing a board of directors, the most successful companies select independent directors with the knowledge and skills they need. They are usually not employees or shareholders of the company, and bring a an impartial perspective to the boardroom. Their outsider status helps the board to avoid becoming biased and leaning towards one particular way of thinking, which can be a problem for businesses that are too involved in their own culture.
