Rewards and Risks of Corporate Board Membership
Have you been asked by your favorite nonprofit or for-profit corporation to sit on their Board of Directors? Or, have you been toying around with the idea of putting your name in the hat for such a position?
Great! Sitting on a Board is a great opportunity to follow your passions, invest in what you love and... depending on the corporation it can be pretty interesting too!
That being said, Board membership is not something to be taken lightly. There are significant responsibilities and even some risks associated with Board membership and, as with any similar decision, a good understanding of these risks, the law, and the role you would play as a Board member, is always a good idea.
I recently wrote an article about the Roles, Responsibilities and Risks of corporate Board membership which you may want to read if this topic interests you. The short version of the article is: Pay attention to what's going on, be informed, make the best decisions you can and make sure the corporation carries up-to-date Directors' and Officers' liability insurance and you should be fine. For the longer version, you'll want to read the article.
Hope any forays you take into corporate Board membership are fulfilling and fruitful!