The 10 things every board must get right.

• Author: Marshall, Jeffrey
• Position: DIRECTORS

1 Establish who the board represents and how to balance their interests. Whether the corporation is public, private, family-held, a joint venture or government-controlled, lay out a statement of who the board represents--and how you will weigh the interests of other owners and stakeholders. 2 Set some form of board leadership independent of management. Separate chairs are popular in much of the world, but a lead or presiding director works well, too. 3 Decide on and fulfill a positive role in corporate strategy. A largely independent board can be cut off from an effective say in strategy (unless it stakes out how its role will work). 4 Build and maintain an effective board infrastructure, with committees, leadership, meetings, agendas, self-review, etc. This is the heart of effective board operations. 5 Establish and enforce personal rules on director and self-dealing independence. National codes are your blueprint here, but use board bylaws to reinforce them and set any unique best practices for the company. 6 Build strong channels for inside and outside board...