The Importance of Diversity in Board Composition

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A board is a body that oversees an organization and guides it to ensure that it functions legally and in the best interests of stakeholders and shareholders. It does this without regard to the management of the business and its day-today activities. The role of a board member is vital in a world which is constantly changing and become more volatile due to new threats.

A good board consists of an array of abilities, leadership styles and experiences. This is a requirement to think differently and from various angles. The composition of the board needs to be carefully considered and planned with consideration of the needs of leadership now and in the future.

Boards also need to be flexible and agile enough to react to rapidly changing circumstances, which could require them to rethink their structure and committees. For example the rapid growth of cybersecurity threats has forced boards to search for new expertise in this area. In addition, the global volatility has prompted boards to look for directors with prior experience in managing turbulent times.

A good board should be able to find and keep members with different backgrounds, perspectives, and skills which can help the board reach its goals. This is why it’s vital for boards to have a matrix for their boards that helps in attracting candidates who have the right mix of soft and hard skills. This can be utilized in conjunction with a board portal such as iBabs which can assist new directors get up to speed quickly by giving them more opportunities for collaboration and interaction with their peers.

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This post was written by vladeta