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What functions do you as Management expect from your Board of Directors

Whether you were part of the appointing process or you inherited a Board of Directors, what functions do you expect the Board to play in business and why? How do you address deficiencies in either the Board of its members to best add value to the company.

Answers

Anonymous
(CFO) |

Board appointments are handled by the shareholders. CFO and most other execs have no say generally. Except in the rare case of a privately held concern where the major owners are also execs and board members. But, most of us must work with the cards we are dealt.

I work in local government. Our board is appointed by each jurisdiction to represent their interests in a Joint Powers Agency agreement. The appointed representatives are usually local city or county council members. They're elected representatives. We have absolutely no say in the makeup of, or appointments to our board.

Sadly, most of the appointed board members we've had over the years have no expertise in our industry and little to no business experience. It shows in how they conduct themselves in board meetings and other agency affairs.

The lack of professionalism and the nonunderstanding of their role leaves a void which is easily filled with nefarious doings.

Elected officials get appointed to our board to junket on the taxpayer dime and get free food and drinks at events. It pads their circulum vitale for their next move up the political ladder.

Our CEO caters to their every need to keep his job and his own free spending ways. He is on a contract with the board.

But, their is little we can do about it, other than play whistle blower and end up unemployed.

This goes on all over the country in many small, local government agencies from water boards to levee districts to full municipalities.

Do any of you attend their meetings or monitor their activities?

There is no one minding the store.

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