Training in the board room is an educational approach that helps both new and experienced members of boards understand the complexities involved in being a member of a board. The best way to gain knowledge about these particulars is to learn from experienced board members who are willing and competent to share their knowledge. These training sessions can be in the form mentorship or formalized education programs for board governance.
Boards are responsible to make broad decisions that impact the direction of a business while fulfilling their fiduciary obligations as corporate trustees on behalf of investors. They also have to ensure that all assets of the company are handled correctly and remain compliant with industry regulations. This is done by meeting regularly in the boardroom to discuss the most pressing problems facing the company, and deciding how to deal with these issues.
It’s not an easy task to join the board. Board members need to be ready to face difficult situations and to keep their promises to their stakeholders. This is why board room training is so important.
Board members can discuss privately and without restraining the specific governance requirements of their company in a private setting. NACD provides these specialized educational and advice briefings, delivered by directors and experts in the field. They can be tailored to reflect the inner workings and nuanced dynamics of every individual board. Alongside fostering board member engagement and development, they promote the highest degree of professional integrity in the boardroom.