Board Governance Series How to Build an Effective Board of Directors
Being a board member of a nonprofit entity is an awesome responsibility undertaken by volunteers (often with other full-time commitments) who are driven by a desire to contribute meaningfully to their community, industry, or society at large. Whether you serve on the board of a nonprofit corporation, foundation, or housing entity, you are a fiduciary who has been entrusted with the care and management of an organization that serves an important purpose. With that trust comes the responsibility to remain actively engaged in the business of the organization and to make informed decisions in the best interest of the organization.
Over the next few months, Special Counsel, Nancy Durand will be presenting a five-part board governance series called “How to Build an Effective Board of Directors,” comprised of articles designed to help boards function more effectively, in compliance with directors’ fiduciary responsibilities. The following summarizes each part of the series:
• Part I, “Know Your Role,” will discuss the role of the board of directors as compared with the role of management or staff and the pitfalls of board micromanagement.
• Part II, “If it Can Wait, Delegate,” will discuss the best practices for using committees effectively for oversight, accountability and information gathering, making more effective use of regular board meetings.
• Part III, “Handling Conflicts of Interest,” will explain what constitutes a conflict of interest, when related party transactions are permissible, the components of a conflict of interest policy, and best practices for handling conflict of interest situations.
• Part IV, “Board Synergy,” will explore the impact of social or political dynamics on the role of the board, including the legal impact of operating without mutual respect, trust, or candor among board members or between the board and management or staff.
• Finally, Part V, “Self-Reflection,” will discuss the importance of board evaluations in building an effective board, while summarizing the prior parts in the series.
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