Being a Board Member is Not Always Fun

It was a very sober observation from the owner and director of a fishing company whose vessel sank and was convicted in court recently, concluding that is not worth it to be the director of a family company when you were not really involved in its oversight.

The family and other loss of life was tragic but to have to face court action over not meeting the obligations of every director even in a token role, to ensure all activities are operated legally, must have been traumatic.

What a sad reminder to all members of boards that their responsibilities can be onerous and of their need to pro-actively ensure the many laws of the land affecting them and the industry they are involved in, are adhered to. Many directors of smaller enterprises should take serious note of the consequences of not being pro-active in understanding and acting on their responsibilities.

Being a board member is another skill and another learning experience. We are a country of smaller enterprises, many of which are family owned, and learning about what a board member duties and responsibilities are would be a great start in up-skilling.

See here for ‘What does a Board member do” for practical advice on coming up to speed on these duties and responsibilities 

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Tags: Board Member, Board Risks, Governance, Mature and Established Companies, Responsibilities

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