Being asked to be a Board Director is a great honour.
An organisation values your expertise, ideas and how you can use these for the benefit of the company, its finances, corporate culture and effective governance.
They want to you there to help steer them in the right direction and move them on to bigger and brighter achievements.
Before you readily agree, make sure you conduct your due diligence. If you say you don’t have time, interest or ability to do this, then you definitely don’t have the time, interest or ability to be a director in the good times or the bad.
This is a fantastic article “Due Diligence Check List for Board Directors” that clearly and simply breaks down the due diligence you need to conduct before signing on the dotted line. You need this checklist because once you commit, you can not easily or quickly walk away. It has been freely provided by Kylie Hammond, of the Director Institute, and contains information on:
- Initial recruitment phase – what to ask and what to look out for
- Making independent inquiries – how to do it and what you need to watch out for
- Financial Health Check – the why and what
- Credit Reports – how to use them
- Legal & Insurance – making sure your covered
- IP & Data – what to look at and how to look at it
- Not for Profit – additional considerations
It won’t take you long to read the article and it will save you a lot of time, energy and issues later.
Wishing you all the best
Managing Director of Snowed Under Solutions Pty Ltd