The Inc. Magazine November 1999 issue gave a list regarding a board of directors as follows:
The ABCs of building a great board
The legal side is simple
ECNC already has a board set up.
Scheduling rules are flexible
If a company is growing fast or facing a range of complex business issues, the company may want to meet as often as every four to six weeks. For very young or mature companies, quarterly meetings will probably be adequate.
Size can kill.
Don't load up the board with so many people that nothing ever gets done. A good rule of thumb: Five to seven well-qualified members is all you'll need.
Compensation really matters.
To attract the best team to the company, be prepared to pay for travel expenses (so that the company won't be tied only to local talent), a token stipend (up to $1,000 per meeting), and a small stock-option package, it that's appropriate to the companies industry and growth plans.
Professionalism is essential
Once the company sets up a top-quality board, treat its members accordingly. That means holding meetings as scheduled, promptly reimbursing them for expenses, keeping accurate minutes of meetings, and otherwise doing everything the company can to help the board work well for the company.
IMO, A good board of directors is critical to ECNC's success. We need to be heard regarding the selection of the next eConnect board or directors.
I am interested in everyone's thoughts.
Scoob
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