Top 10 areas to contribute in Boards as Independent Directors
23 Jul 2021
Independent Directors are the torch bearers of Corporate Governance in the Company and bring balance to the Boards. Having an Independent Director on board provides corporate credibility to the Company, provides comfort to the stakeholders that the Company is run professionally and in an ethical manner. In addition, the presence of Independent Director adds a lot of formality and structure to Board meetings, getting subject matter expertise, implement best practices across the Company, enhance or improve the Company culture and more.
Aforementioned are some regular practices that an Independent Director must impose post joining the Board. However, many aspiring directors are still unsure about the areas where they can make valuable contributions as Independent Directors. Due to promoter driven concept in Companies, the role of independent directors doesn’t get much limelight. However, in the current era where majority of the Boards are run professionally, here are some critical areas where the independence of independent directors can be visibly noticed:
· Conducting a structured Board meeting with pre-planned agenda items
· Introduction of industry best practices for smoothening Company’s governance mechanism
· Making efforts to restructure Boards and upgrade their value system to make noticeable contributions in the Boardroom
· Contribution towards building better business proposals using the relevant skillsets and experiences
· Voicing out concerns and bringing on table some sensitive matters related to POSH, gender equality, whistleblowing, anti-bribery anti-corruption, HR related issues and more
· Introduce Board professionalism
· Contribution in enhancing Company culture and improving its value system
· Building bridge between the Board and last mile workers
· Conducting regular campaigns to help stakeholders upgrade and upskill themselves
· Contribution towards making independent judgements and blowing the whistle against unethical practices, if any prevailing in the Company
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