A board member who is successful is one who takes their responsibilities seriously and contributes to the organization in an authentic way. They must be able make difficult decisions, to think strategically and to keep the big picture in mind, all while also contributing their unique perspective based on their own personal experiences. A strong board will help the organization reach its goals and mission by providing direction and supervision. They will be driven to see the organization thrive and not afraid to express their opinions.
While having many data rooms connections is important for businesses however, they should focus on recruiting people who are devoted to the cause and willing to give their time. It is also essential to ensure that your board members possess the right qualifications. According to Institutional Shareholder Services, the boards of Enron, Kmart, and the troubled retail company Warnaco all had board members with a variety of financial competencies and expertise--including former Stanford deans who are accounting professors and an important Asian financier and the former head of the U.S. government's Commodity Futures Trading Commission--yet these credentials were not enough to stop the companies from failing.
Additionally regular attendance at meetings is often seen as a sign of good board members. But as Stanford GSB adjunct professor of corporate governance Nell Minow points out, this measure by itself doesn't differentiate the boards that are good or bad. In fact attendance records for boards of GE (which was listed on Fortune's 2001 list of the most admired companies) and WorldCom have little in common.