Every board tends to be unique in its own way even though board or governance structure might be similar across industries.
In Nigeria, especially with indigenous companies, we mostly have and run owner-management systems where the founder of the company is both the Chairman of the board and the CEO. First and foremost, these two offices are very distinct and possess tons of responsibilities respectively. It is not mandatory that the founder of the company must also be the Chairman of the board. It is not even advisable. It is an herculean task. While the former in most cases perform a supervisory role, the latter is the executioner actually running the organization and reporting back to the board.
Why is a board important to an organization? So many businesses operate without a board as all there is to them is just random names in their CAC Form 2 and 7 - sometimes without these individuals even knowing they are Directors in that company - for the sake of the company registration and then the owner calls all the shots. It is dangerous as an owner to not have who you report to, or who can probe or question your decisions or who oversees your actions. This is where a board becomes very important.
That being said, what form then should a board have for better output and maximum performance? In considering the formation of your board, these are the likely thoughts you should have in mind;
✍️ Avoid having a monotonous board where everyone thinks same way and acts same way.
✍️ The board should house very experienced persons in the industry you operate or who are business savvy.
✍️ Members of your board should be a mixture of skills and experiences even from other fields. Whether they are vertically inclined or horizontally inclined.
✍️ Try having one controversial person in your midst that always reacts to everything. They are the spice to the board buffet as they always bring in drama. They come in handy in the long run cause everyone is always careful around them and wants to do right so they are not attacked. I had one so many years back when I was privileged to be on a particular board and trust me, this guy brought out the best in me by always being on my case. Nothing anyone did was right or enough by him. I had him to thank eventually cause if he wasn't always mentioning how I wasn't getting things rightly done, according to him, I wouldn't have pushed myself to be better at those things.
Having said these, whoever Chairs a board, steers the company in either the upward or downwards direction as their charismatic and leadership qualities are brought to bear. Having a mixture of personalities, skills and characters in one board requires certain leadership qualities to be able to harness all and channel them towards achieving the overall corporate objectives.
Having a well structured board presents your company in a good light and shows standard.
.jfif)
