Brain Bites – Board of Directors: Strategy

Topics covered include: 

• Identifying a board member’s most critical role in directing the organization  

• Explaining the difference between the CEO and Board President  

• Outlining strategic planning areas the board should address  

• Explaining the necessity of a written annual budget and financial reporting  

• Defining the Prudent Man Rule  

• Identifying the necessity of requiring more than one signature on financial transactions  

• Defining risk  

• Identifying potential risks  

• Planning for the occurrence of identified risks  

• Reviewing a director’s fiduciary duties  

• Discussing the need for optional, helpful clauses that aid in maintaining ethical operations and decision-making  

• Avoiding common mistakes when creating bylaws