Selecting an Independent Director has some important attributes. First of all, we have to make sure that the potential executives to be selected are compatible with the position. That they have what it takes to meet the demands of advancing the organization’s strategy, influence the creation of a culture of achievement, know how to influence from their position as Director to optimize the organizational culture, and be a high-impact contributor. This with the aim of promoting sustainable growth, adding value, while contributing to the balance of effective risk management.
Other essential aspects to consider when selecting an Independent Director are:
– Experience. You are invited because your experience is relevant to the current need of the business, especially the industry. This ensures that you have an understanding of business dynamics, as well as that you can provide guidance and value in your contributions.
– Expertise. You must have skills in which you are an expert, which are relevant to the current and future success of the company, such as finance, sales, marketing, human capital, technology, strategy, supply chain, among others. It is very important that this experience is complementary to the skills of the current members of the Board of Directors or Board of Directors.
– Independence. You have to be truly independent and have no conflict of interest with the company or its management. They must be able to provide objective advice and challenge when necessary.
– Integrity. Must have a reputation for integrity and ethical behavior. This is essential to maintain the trust of the parties.
– Effective communication. It is not optional, you have to be competent in your communication, and be able to effectively communicate your ideas, suggestions and concerns to the Board and the executive team, especially the CEO.
– Commitment. You have to be committed to your role and be willing to put in the time and effort necessary to carry out your responsibilities effectively.
– Diversity and inclusion. You should bring a diverse perspective to the board. This helps ensure that the board is representative, inclusive, of the company’s stakeholders and can make informed decisions that consider a variety of perspectives.
– Collaboration and Teamwork. The effectiveness of a Board of Directors is the result of the collaboration and teamwork of all its members. Fostering teamwork optimizes the likelihood of a major positive impact on the Board, as well as on the organization as a whole.