Thank you to BNY Mellon Wealth Management for this report.
A high-quality board of directors with a range of talents and experiences can be a powerful resource for your company. Taking steps to ensure your board is well-designed, well-informed and properly engaged will reap significant benefits for your company. Our partners at BNY Mellon Wealth Management have developed a framework to help build and maintain an effective board. BNY Mellon Wealth Management is a critical sponsor of the work done by Family Enterprise USA.
The guidance and expertise offered by a high-quality board can lead to better decision-making, which in turn can lead to better long-term performance.
Ideally, your board should include members with a variety of expertise and backgrounds in order to foster productive discussions and unique perspectives on the business. A well-designed board should include at least a few independent members with experience relevant to your industry. For a family-owned business, consider having at a least one family member on the board who can represent the family’s legacy and long-term vision for the company. And don’t overlook gender and ethnic diversity.
Getting the most out of your board of directors requires keeping them engaged and informed. Your company’s management team should be proactive and let them know what is going on at the company. Don’t wait for your regularly scheduled board meetings to share information that you believe the board would want to know.
Learn more about getting the most from your board, from BNY Mellon Wealth Management.
About BNY Mellon Wealth Management
For more than two centuries, BNY Mellon Wealth Management has helped families build, manage and preserve their wealth. Our specialized teams have the tools, knowledge and experience to develop comprehensive solutions for our business owner clients that address each client’s personal financial objectives and family dynamics, as well as issues specific to his or her business. For business owners considering a family office, our dedicated Family Office team brings more than 50 years of experience providing solutions and strategic insights to help family offices grow and preserve wealth across generations. For more information, visit www.bnymellonwealth.com or follow us on Twitter @BNYMellonWealth.
Family Enterprise USA advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. Family foundations can donate.
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