Nominating Candidates for the Operation of Your Corporate Boards

Corporate boards provide oversight between managers who run an organization and the shareholders. They are accountable for setting policies, supervising the employees who manage the day-to-day operations, and ensuring that it operates in a legal manner and that its financial stability has been protected. They also act as a liaison between the corporation and its stakeholders, including clients, employees, vendors, suppliers/vendors, the community and lenders.

In order to fulfill their responsibilities the board needs to have a wide range of abilities and knowledge. So, most boards will look to recruit members with different backgrounds that are able to provide advice and support in areas that might be of concern. A board may want someone with experience in international finance, or who is familiar with a particular regulatory agency.

As a general rule the majority of boards are legally required to include at least one member who is an officer of the company. This is to ensure that a member of the board is aware of and able respond to any issues that could be faced by the management team.

As the public grows more interested in their company, the perception of as an “old-boy” network is changing. This means that more seats are becoming available for the general public to apply for. However, it is vital to be aware of the potential advantages and risks of any given position before applying.