5 Challenges Faced by Board Directors

www.boardnearme.com/how-much-do-corporate-board-directors-get-paid/

Board Directors are the pillars of a business – they provide the oversight and direction to enable CEO’s to deliver their businesses in a way that is beneficial to all stakeholders. It’s an incredible privilege and for those who want to make a difference it can be one of the most rewarding experiences in their professional lives. It tests your leadership abilities and requires you to step out of your comfort zone and enables you to establish close bonds with fellow board members. It also exposes weaknesses you didn’t know you had and shows you how to tackle them.

While the benefits of sitting on a board are numerous but there are some major challenges that all boards face at some time. This article will examine five of the most common issues Boards confront, and how they can overcome them.

1. New Non-Exec Directors

It is vital that non-executive directors joining the board of directors for the first time prepare themselves well. In the past the board members who were new were welcomed with a a stack of reading materials that included all the details they needed to be aware of the board and the business.

However, because companies are changing rapidly and many non-exec directors in the present have a many different stories It’s crucial to get in touch with them on an individual basis. This can be done via a phone call or video chat, a personalized LinkedIn message, or even better, face to face. This will help them know how they can add value to the first board meeting and establish relationships with other directors.