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For many senior executives, securing an office on the board is a key step in their succession plan for retirement. Young executives can take advantage of this opportunity to establish policies to benefit their community, while also gaining credibility and acclaim for their leadership. No matter if you’re an experienced executive or an emerging star, the time commitment required to serve on an executive board is a big thing. It is crucial to be clear with yourself about what the expectations are and that money shouldn’t be the main goal.

A properly functioning Board of Directors offers numerous benefits for the organization and its directors. The objective advice and direction that board members provide reduces the chance of costly errors which can lead to greater success in the business world. Investors, financial institutions and clients as well as employees, all recognize the importance of a board that works effectively.

Participating on boards can provide many benefits to an executive, in addition to the obvious ones to their career and business. It also adds credibility to the professional profile of the executive. This improved visibility and credibility is important when looking to make use of that experience and knowledge to identify new opportunities for employment or business.

The most successful organizations choose independent directors with the necessary skills and expertise in selecting the board. These individuals are often not shareholders or employees of the company, and bring a an objective perspective to the boardroom. Their independence helps the board avoid being biased or leaning towards one way of thinking. This could be a problem for organizations that are too involved in a specific culture.