Board members are accountable for a variety of responsibilities. There are many decisions to be made, disagreements to settle, and financials to monitor. It’s no wonder being an active board member can be stressful and time-consuming experience. However, if you are willing to invest the time and effort, being a board member can be a rewarding experience.
Whether it is a private or public company, every company has its own set of challenges. However, for the most part, the same duties are shared by all governance boards. These include ensuring that all stakeholders are included in the process, and holding the executive director accountable for the company’s progress. Board members are also accountable for maintaining a good standing in the community, which could help attract future donors and customers.
Every board member has access to confidential information like budgets and fines. They must, therefore, uphold their obligation to keep the information secret. This is especially true for non-profit organizations.
In the end, the main task of a not-for profit board is to serve its constituents and stakeholders in an honest and transparent manner. In doing so it is vital that the board keep all its relationships in order and resolve any conflicts of interest that could arise. In addition, it is the board’s duty to prevent emerging crises before they negatively impact the reputation of the company. A not-for-profit organization can protect its integrity and reputation by taking this action.