During this unprecedented time, a credible board that balances providing support to management while challenging it to make the best decisions is a necessity. As there is no sufficient historical experience that management can readily draw upon that can help it navigate current conditions, the board’s capabilities would especially shine through during this challenging time.
At the University of the Philippines, student organizations relied on senior advisors to guide their major decisions. They choose their advisors by determining which members of the faculty best suit their mission, vision and goals. The same is true for companies, as the designated board members are usually made up of internal or external experts of the industry they are in, or are major shareholders or owners. Board members should represent the company as a whole, as well as the interests of shareholders. The major decisions to be made regarding the company falls on the board’s shoulders, which requires its utmost skills and expertise and thorough, well-informed judgement.