Board Director is the title of an individual who serves to oversee a company or non-profit. They are legal representatives of owners (shareholders/stockholders) and are legally responsible for high-level decisions. They also make decisions on the policies such as whether dividends will be paid, and how much the compensation received by upper management.
A successful board member must be competent in their area of expertise, and be able to learn quickly about new industries. But, more importantly, they should also be able understand and apply abstract concepts such as strategy and innovation. They must be capable of challenging the status quo, ask tough questions, and help to build trust among the team. In the past, boards were focused mostly on oversight of management however, they are now more involved in discussions on strategic initiatives, like risk management, resilience sustainability, technology, and digitization mergers and acquisitions, as well as the culture and talent.
A well-rounded board must be a mixture of directors from the inside and outside. Inside directors are employees or major shareholders of the company and are a vital source of knowledge and insight. Outside directors have valuable experiences and relationships to the company.
A strong board is a team composed of individuals who care for each other and work around a common set of goals and values. This helps to create a productive boardroom and ensures that meetings are constructive.
https://boardshould.com/who-needs-a-seat-on-your-strategic-planning-team/