MVD – Most Valuable Director
In looking at your board members, how do you evaluate their value to the business? Having a room full of Most Valuable Directors (MVD’s as we like to call them) will lead to success. The first thing is to determine what the expectation is for any board member that you have. In my opinion these basic expectations include:
1) Know the business
This means that they are visiting the company’s operations and executives so they know what makes the business tick
2) Be prepared
Any material that is provided by the company to you as a director you need to read and understand so that at board meetings, committee meetings, off-sites, etc your opinion is based upon the most up to date information
3) Lean in where needed
This means going above and beyond expectations by doing more outside of board meetings
The MVD is a person who not only does the above three activities consistently but also provides thoughtful feedback and advice when appropriate. The company has an executive team to run the company on a day-to-day basis and does not need to be micromanaged by the board. What the company needs is governance and guidance from board members using their unique experience and skills to assist with vision and strategy setting. In addition to all of this the MVD goes beyond what is expected of them and HELPS outside the boardroom.
A board full of MVD’s that respect each other and get along can help a company achieve great results!