A successful board member is one who takes their responsibilities seriously and contributes to the organization in an effective way. They must be able make difficult decisions, think critically, and keep the big picture in mind while bringing an unique perspective based on their own experience. A competent board of directors can help the company achieve its mission and goals by offering guidance and oversight. They will have a keen desire to see the company succeed, and are not unwilling to speak up.
While having a large number of connections is crucial organisations should focus on recruiting individuals who care deeply about the cause and are willing to dedicate their time. It is also essential to ensure that your board members have the required skills. According to Institutional Shareholder Services the look here boards of Enron and Kmart and the troubled retailer Warnaco had a range of financial skills and knowledge. These included former Stanford deans and accounting professors as well as a prominent Asian financier and the former head of the U.S. Government’s Commodity Futures Trading Commission. However these credentials were not enough to stop the companies from going under.
In the same way regular attendance at meetings is frequently considered an indicator of conscientious board members. As Stanford GSB adjunct faculty of corporate governance Nell Minow explains, this measure does not distinguish between boards that are good or bad. The attendance records for the boards of GE and WorldCom (which were both featured on Fortune’s 2001 list as the most popular companies), show little difference.