A recently released Fast Company article caught my eye about board members and their behaviors. I appreciated in particular the author's offering the following philosophies that board members should embrace:
1. Bring a landscape mindset. Provide an “eye on the horizon” perspective: macroeconomics, trends from the marketplace, competitive insight. Provide a view that operators might be missing.
2. Bring an advisor mindset. Ask yourself: How can I observe and listen, and engage in pattern recognition? Provide proactive and empathetic advising based on your observations.
3. Bring a fiduciary mindset. Ensure the organization is leveraging best practices; ask the hard (but also the most helpful) questions after careful scrutiny of the company’s financials; come from a “default alive” perspective; help ensure adherence to GAAP, applicable statutes and laws, etc.; and pay attention to and approve an annual audit.
In this article there's additional thoughtfulness about boards and their members.