Effective board management is a combination of many factors, including the right combination of people and structures. It also requires a lively environment that encourages debate and open discussion, as well as the ability to effectively communicate with the CEO and other board members. These skills and behaviours can make a huge difference.

The right mix will differ from company to company. The best board compositions balance personalities, skills sets and industry experience. They should have people who have the courage and conviction necessary to raise red flags in difficult situations. They will have high levels of trust between them and the CEO. They will be able to quickly and effectively understand the complexity of critical business issues such as operational, financial, as well as strategic challenges and opportunity.

Boards should also ensure that they are aware of their roles within the company. This is particularly true for boards of non-profit companies, who are subject to a significant legal risk if they fail comply with their governance responsibilities.

In addition boards need to be able to identify and assess their own board effectiveness. A rigorous assessment process can help them to address the talent gap and to create a more transparent, open board culture, clarify their goals and strategic goals, and align the entire board with the CEO.

In the end, it is crucial to look at the structure of the committee and make sure that it is designed to support the board in achieving its goals. It is possible to consider eliminating committees that are no longer required or changing the composition of existing ones. For instance, a panel specifically focused on the threat of climate change might not be required for a bank with no physical assets in the area.

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