On a Board? Don’t be crooked, don’t be lazy!
While separate legal jurisdictions have different corporate legislation and regulators, the responsibilities of a Board member are generally similar. These similarities not only apply to their legal responsibilities but also to the way they operate. Successful Boards work with due care and diligence, meet their legal obligations, and work towards the benefit of the shareholders.
The most important action of any Board is to appoint the senior management, and in particular the CEO. The choice of the CEO will reflect the strategic direction the Board has chosen to benefit the shareholders, and the choice of the person will reflect the type of culture the Board wishes to develop in the company. Indeed, the next most important act for any Board is the removal of the CEO if that is in the best interests of the shareholders.
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