Why should you invite external members to join your board of directors?

Board meeting

Have you ever wondered why you should have and how you can select external board members? Here is Håkan Cöster’s take on it. Håkan is the senior partner of Lense & Lumen’s Swedish member firm Högström & Co Management AB

Why should I elect external board members on our board when we have managed all these years? This is a common question many family- and/or privately-operated companies ask themselves.

According to regulations in most countries, all companies should have a board of directors. However, in several companies this only exists on paper. Instead it is common that the CEO is a member together with his/her family and that a real board work isn’t performed. This often due to a fear of bringing in external board members and by doing so also giving them insight into the company. However, most of these companies would in fact, perform better if they elected external board members and carried out proper board works. If a company for example, has plans for expansion they could benefit a lot from the knowledge and experience of external board members.

Is there a risk that there will be too much bureaucracy when you elect external board members?

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The SYNNOV’s 28th Rendez-vous of Innovation on October 7th at the French Senate

Arrowman Executive Search, partner of the SYNNOV (an independent organization that promotes Innovation), participated in the presentation of Navi Radjou‘s latest book “The Guide to Frugal Innovation” and its practical illustration by Fadwa Sube’s “French Dream Town” project in China.

We warmly thank all of the participants!

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