Board of Directors
You may be creating a board of directors for the first time or you may be planning to expand or change the makeup of your board. Whatever your situation, you should take the issue of hiring board members very seriously.
Whatever stage your company is at, it is important to understand the duties of the board. Among other things, the board has the responsibility for setting the strategic direction for the company and, as a result, can have a huge influence over the success or failure.
Below is a summary of some of the most important issues a board has to deal with:
- Reviewing and setting corporate strategy
- Appointing senior management
- Approving key personnel policies, including compensation
- Approving changes to the articles of association or bylaws
- Approving new rounds of financing
- Approving IPO, merger, acquisition, dissolution or other liquidity options
- Material transactions involving the assets of the company
- Calling special meetings of the shareholders
When hiring a board member, one of the most important exercises to go through is to match, as closely as you can, the current strategic goals of the company and the attributes of the board member(s). Of course, your strategy should be dynamic and constantly reviewed, but in most cases, you should have a reasonably clear idea of the direction you expect the company to be heading in for the next couple of years.
Furst Search Group can help you to identify the range of attributes you believe would be helpful to your company and then identify board members whose collective skills, experience and contacts give you what you need. For more information, contact us at (815)229-7800.
Board of Directors
You may be creating a board of directors for the first time or you may be planning to expand or change the makeup of your board. Whatever your situation, you should take the issue of hiring board members very seriously.
Whatever stage your company is at, it is important to understand the duties of the board. Among other things, the board has the responsibility for setting the strategic direction for the company and, as a result, can have a huge influence over the success or failure.
Below is a summary of some of the most important issues a board has to deal with:
- Reviewing and setting corporate strategy
- Appointing senior management
- Approving key personnel policies, including compensation
- Approving changes to the articles of association or bylaws
- Approving new rounds of financing
- Approving IPO, merger, acquisition, dissolution or other liquidity options
- Material transactions involving the assets of the company
- Calling special meetings of the shareholders
When hiring a board member, one of the most important exercises to go through is to match, as closely as you can, the current strategic goals of the company and the attributes of the board member(s). Of course, your strategy should be dynamic and constantly reviewed, but in most cases, you should have a reasonably clear idea of the direction you expect the company to be heading in for the next couple of years.
Furst Search Group can help you to identify the range of attributes you believe would be helpful to your company and then identify board members whose collective skills, experience and contacts give you what you need. For more information, contact us at (815)229-7800.