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The job of a board member demands an enormous amount of time. Meetings can take hours and include reviewing financial documents, discussing legal issues, as well as strategizing about the goals of the company.
It is the obligation of the board member to prioritise the interests of the corporation over their own personal interests in order that they are competent to effectively represent and carry out the mission of the corporation. Board members must also operate in good faith, and not utilize their position to benefit personally. This is often reflected in the company’s rules of governance.
A further responsibility unique to non-profit organisations is to be attentive to community relationships. This may involve working with businesses, citizens, and elected officials in the development of new programs or initiatives. This type of involvement can also make a board more sensitive to those it serves.
Board members are required to follow the corporate governance guidelines. This is often more important than their ethical declarations. It is crucial that the board members conduct their business in accordance with the rules of the corporation, and they are expected to investigate all aspects of an issue prior to deciding on it.
To ensure an even board, it is essential that the board of directors are comprised of both inside and outside directors. A mix of both brings broad range of experience and perspectives to the table that can benefit a business or organization.
