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The board of directors is accountable for the organization, company, or business. Board members who are either inside or outside, work in a volunteer capacity and are not compensated for their tasks. They are expected to attend meetings, and spend time preparing for them and serve on other committees. They are accountable for maintaining the integrity of a company and are usually required to sign conflict-of-interest declarations.
Depending on the type of business the number of directors may vary. Smaller companies typically choose a board with five to seven members, while larger organizations need at least nine to eleven directors. The selection of board members should be based on the dimension, complexity, and representation requirements of the organization. It is important to have a diverse group of individuals with a variety of skills, knowledge and experience.
Board members should be passionate about the business and be committed to the success of the business. A good board member must also be a nimble thinker and be able to come up with ideas that will improve the performance of an organization. A good board member is also one who challenges the assumptions and ideas of others to test their abilities.
A successful board member must also be able to raise funds for a business. They should be able use their position in the community and personal relationships to draw investors. A board is often involved in fundraisers like galas, auctions, and tournaments to help meet the financial goals of a company.