Question

1. Discuss the skills and abilities that should be represented in a board of directors.

Answer 1

The board of directors are a group of individuals who determine the company's strategy and monitor the growth and development of the company. Directors are selected on the basis of their relevant industry experience, strategic and problem-solving skills, strong interpersonal and negotiation skills. These are the basic criteria for selecting board of directors, except this, the following skills and abilities of a candidate are taken into consideration while selecting board of directors.

Skills:

Leadership:

a) He must be able to inspire and empower other members.
b) He must know how to use resources effectively to achieve goals, including organizing tasks and directing other resources.

Strategic thinking and Decision making:

a) He must be goal-oriented and have the ability to think independently and critically.
b) He must be able to find out the issues and how to solve the issues in a logical manner.

Independent and Team Work:

a) He must be able to effectively collaborate with the Executive Director, Board members and the staff.
b) He must be able to work independently and interact with board members, both contributing and motivating each other to contribute more.

Financial Skills :
He must be able to understand and analyze financial matters.

Abilities:

Self-control:
a) A board of Director must have the ability to listen to others and ask other board members to explain their view points clearly.
b) He must have the ability to bear any kind of disturbances while establishing facts, a willingness to explore further information and discuss with the board members for possible results.

Business Awareness:

a) A board of Director must understand the basics of a Profit & Loss statement, Balance Sheet, the principles of budget and financial reporting and also have the ability to take investment decisions.
b) He must have strategic and political awareness and awareness of good business practice.

Problem Solving and Innovation:

a) He must have the ability and creativity to solve various internal and external problems.
b) He must be innovative and guide other members to bring something new to their business process.