FirstService Residential: The Transition

THE BIG PICTURE

A new board member can face many challenges. Generally, the first hurdle is being comfortable enough to participate in the first meeting. It is extremely common for new board members to just sit, listen, and absorb the current status of board business. Unfortunately, ramping up can be a slow and arduous process. It can take a new board member up to 12 months to become an active participant. Ultimately, this reduces the effectiveness of the board.Having the right tools prior to their first meeting can help new board members ramp up quickly and become active and effective participants on their boards.

BE SMART

Some of these tools can include a resource guide, which will include board minutes from the last two years, financial information, and material on the fiduciary responsibilities of board members.It’s also important for new board members to educate themselves by attending symposiums, roundtable events, and panel discussions on industry issues. These events can help new board members understand the nuances of the industry and have a better base for contributing to board discussions.

Combined, all of these resources provide valuable information and position new board members to be effective contributors the moment they step into their first meeting.