Boards of directors play an important role in non-profit organizations. They fulfill legal obligations, but also play an important role in the organization’s strategy, culture, governance and financial sustainability. And they serve as advocates and ambassadors.
One of the most important responsibilities is determining the salary and hiring process for CEOs and general managers. This is a significant decision that can have an impact on company growth and strategy, especially in times of crisis and it can be difficult to find the appropriate person.
Another important role is overseeing management and monitoring the performance of the team and reviewing risks. This can be accomplished through regular discussions and meetings and also reviewing policies to manage risks. A board may set up an oversight committee to assess specific projects or areas to ensure they are running according to plan and to mitigate potential risks.
The role of a board also includes the need to attract new talent. This can be accomplished by attracting people who are enthusiastic and possess the required skills and experience. This includes the selection and evaluation of prospective members for future elections. Recruitment can be a lengthy process, but it’s crucial to a healthy board and the overall success of the organization.
