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A board of directors is made up of individuals who supervise the operation of an organisation to ensure it operates legally and efficiently. They act independently from company management and the day-to-day operations. They have a good understanding of the industry that they operate in, and are able to think through and resolve issues. They often operate as subject-matter experts in committees that specialize in their field and provide input to the general agenda of the board.
They are compensated for their time and can also enjoy unique benefits such as travel and products. Being on a board could help you build your personal brand, boost your gravitas and improve your professional standing. It lets you connect with people you may not otherwise interact with and can expand your network.
The boardroom is an excellent location to study and discover new business models. Boards are a great space to learn and gain experience.
Depending on the size of the board is, it could comprise both directors from within and outside. Inside directors are the current or former CEOs and other senior-level executives. Outside directors are hired to fill a particular expertise in a company, typically by a search company or personal connection. They may also be appointed by the CEO or board because of their connections to a company. Each member is vital to the operation of the board, regardless of their role.