Becoming a board member is a great achievement in and of itself, but becoming a successful board member poses a unique challenge—one that can be made easier through the utilization of top-notch training. The types of corporate governance training range in both price and in duration. In this blog, we’ll highlight some of those options.
Luckily, the digital age we’re living in presents many convenient ways for board members to grow their knowledge and expertise. You can watch a quick 5-minute video about cyber security concerns, or you can jump in a weeks-long online education track. In fact, numerous corporate governance organizations offer extensive educational tools for directors. For instance, the National Association for Corporate Directors offers a course for board members called “Education Framework,” and clearly outlines its purpose: “The establishment of a standard in director education creates much-needed clarity about the knowledge and competencies directors should develop to become high-performing board leaders.” A large number of sites offer similar online programs that are low-cost but highly respected.
Corporate Governance Conferences
Corporate governance conferences aren’t hard to locate. A simple Google search will bring up tons of opportunities throughout the world. Prominent organizations like the Society for Corporate Governance, the International Bar Association, and Directors Forum (just to name a few) all offer yearly conferences focused on corporate governance education and training. They bring in speakers who share cutting edge information and are a fantastic resource for directors who want to learn about the latest trends and requirements in corporate governance.
In-Person Training for Individuals
Other training opportunities are designed more specifically for in-depth, individual in-person education—oftentimes through programs that are connected to colleges and universities. For instance, the Kellogg Executive Education curriculum is an extension of the Kellogg School of Management at Northwestern University. These kind of training experiences are usually all-inclusive in nature (lodging, meals, and programming), so they can be on the higher end cost-wise. However, they are able to offer outstanding training with some of the world’s most important thought leaders in the governance landscape.
Sometimes, an entire board may feel that they need to collectively receive training on a particular topic or trending issue. In this case, boards have the option to hire an outside organization to send training to them. In other words, an individual or multiple instructors would come to the board and share their expertise with the group. Although this service can also be slightly pricey, it is a great strategy for tackling collective concerns in the boardroom.