The developing a proactive cybersecurity culture board of directors should to be reassured that the policies and procedures they’ve set up are in place. It’s essential to define clear roles and the responsibilities. Being transparent about who’s present and encouraging active participation are crucial. It is also important to have a robust performance evaluation of the board.
Many boards have been required to overhaul their structures, improve financial reporting, and be more compliant after scandals. However, if they just stop there, they’ll miss the chance to transform their boards into true governance powerhouses.
Creating a board with the proper structure, procedures and skills is critical for the success of nonprofits. These aren’t simple to accomplish. Especially for small non-profits, which are already struggling with limited resources and time. By implementing best practices, boards of non-profit organizations can become more informed, secure, collaborative, and purpose driven.
For instance, boards need to ensure that they’re using technology to achieve their goals in the long run, and to provide transparency. This allows them to identify any risk that might be present and determine the best way to manage risk.
Another best governance practice is to keep shareholders on your side. This means identifying and addressing shareholder concerns well before proxy season.
The principle of independence is at the heart of governance. It ensures that board members are not in a position to put their own personal interests over those of the company. It enhances the impartiality and objectivity in making decisions and provides new perspectives for strategic decisions.