Michigan Board Member Job Description
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How to fill out Board Member Job Description?
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FAQ
Specific board member responsibilities include: Assessing the CEO and board's work annually. Preparation of agendas and supporting materials for board and committee meetings. Meeting all legal and fiduciary obligations, including approving the annual budget, audit reports, and material business decisions.
They are committed to the long-term interests of the organization and meet regularly to oversee and direct business operations, set policies, approve business decisions, evaluate executive performances, and fulfill fiduciary responsibilities.
Board members need to be absolutely committed to the task at hand and be dependable and accountable to their colleagues and the association. That means being prepared, attentive, and present at all board meetings. Being dependable also means having the time required to fully commit to the role.
These qualities include intelligence, self-assuredness, a high ethical standard, interpersonal skills, independence, courage, a willingness to ask the difficult question, communication skills and commitment.
The board has a fiduciary responsibility to represent and protect the member's/investor's interest in the company. So the board has to make sure the assets of the company are kept in good order. This includes the company's plant, equipment and facilities, including the human capital (people who work for the company.)
Ultimately, boards exist to provide strategic oversight for a company and to protect shareholders' financial interests. In order to accomplish those goals, individuals who wish to serve on a board must be willing to take on the responsibilities expected of a director.
Sharpen your professional skills. Boards help to guide an organization broadly, such as improving its financial health or market competitiveness. You may be involved in organizational investments, performance evaluation, program funding and policy creation.
Board members may serve voluntarily, but some receive compensation for their services. They're expected to bring their expertise and independent judgment to the board; actively participate in meetings, committees, and discussions; and contribute to the collective decision-making process.
Become a better decision maker Taking a position at the table in the boardroom requires you to make decisions as part of a group. Research shows the mind behaves differently in this situation ? you're more likely to reflect on your own ideas and biases then if you were making decisions on your own.
A board of directors (BofD) is the governing body of a company, whose members are elected by shareholders (in the case of public companies) to set strategy, oversee management, and protect the interests of shareholders and stakeholders. Every public company must have a board of directors.
