The board of directors is responsible for the company, organization, or business. Board members who are either inside or outside, work as volunteers and are not paid for their tasks. They are required to attend meetings, devote time preparing for them and be a part of other committees. They are accountable for maintaining the integrity of an organization and are often required to sign conflict of interest statements.

The number of directors can differ based on the type and size of the business. Smaller companies typically choose the board consisting of five to seven individuals while larger organizations usually require at least 9-11 directors. The selection of board members should be determined by the size, complexity, and representation requirements of the company. It is essential to have a variety of board members with a range of abilities, knowledge, and experience.

Board members should have a passion for the company and be committed to the success of the company. A good board member should also be a nimble thinker and be able to think of new ideas that can drive an organization forward. Additionally, a great board member should be a defender, someone who plays devil’s advocate in order to determine whether the assumptions and ideas of a board member are strong.

A successful board member should be able to raise funds for a company. They should be able use their personal connections and influence in the community to draw investors. Often, a board will organize fundraising events such as galas, events, campaigns and auctions to aid in meeting a company’s financial goals.