2. Competency
The collective board should have the right range of skills and experience to set the strategic direction and uphold values and objectives.
The board should be well-versed on compliance issues, internal controls, policy and procedures. It is important then that good governance involves effective induction and training programmes. Also, the board should have a strategy for its own review and renewal to create a diverse and effective board that will be equipped to help the organisation meet its objectives.
Overall, the board must act prudently to protect the organisation’s assets, using them efficiently and at all times seeking to effectively manage any risks that would jeopardise the organisation’s ability to function effectively and meet its objectives.
Goal: Effective boards, effective chairperson