No Organisation Survives Without Great Leadership
The Board is the body that comes up with the bank's vision, its ideals and mission. The moment an organisation has strong leadership with definite goals it performs better as it serves as an example for employees to follow the rules and aspirations as dictated by leadership.
It is the duty of the Board members to make sure they set the example by which their organisation's behaviour is tested and upheld. The bank's board of directors does not only lead by example, they are also the members of the organisation that will uphold values such as integrity and strong principles.
The board should always be trusted to be the perfect example in terms of complying with all and any laws and expectations with regard to the running of a sound organisation. Because banks are governed by laws, by rules and prescribed regulations from their industry and government, the Board should always be the ones who lead by example by never breaking these laws and regulations, by always performing in an ethical way and in so doing have the best interests of their organisation, employees and clients at heart.
A banks' board of directors should be regarded as the leaders in terms of complying with all regulations and in terms of the decisions that the bank takes. The board members understand that they are the ones who will always be held responsible not only for decisions but also with regard to any failure to act properly, ethically and in line with industry expectations and government prescriptions.
One of the board's important duties is to make sure that the bank or company hires the general manager or CEO who is best suited to represent the bank's ideals and who shall be responsible for strategy and oversee execution of duties by employees that report to him or her.
It is the bank's board of directors that is responsible for the bank's policy decisions. No company can operate properly without leaders, also a chairperson or vice chair - when the chairperson is not available - in the case of the board. They are normally assisted by qualified members such as a secretary and/or treasurer. The nature of the company or bank will dictate the way the leadership is appointed.
Any board has certain responsibilities in terms of which the organisation is managed. Of course the first responsibility that comes to mind is how they ensure that the public's interests are always protected and honoured. The bank's board of directors has responsibilities that govern the way the bank operates.
One of these refers to the appointment of the best CEO or manger, his or her remuneration and communicating their vision and ideals to him or her to ensure that the bank or company performs at maximum level - and to constantly monitor that these ideals are carried out in the best interests of the bank and its clients.
The Board must have regular meetings to ensure that their vision is always top priority and their mission statement adhered to. These meetings should be attended by the CEO as the highest office bearer of the bank's day to day running to make sure that the bank's board of directors of is convinced that they are on track in terms of their aims to be profitable while still serving the public's interest.
Therefore the Board should also make sure there are auditing processes provided for and it should therefore appoint an auditor that attends to his or her functions regularly. The number of Board members of one's bank or organisation will depend on the size of this bank or institution.
It is the Boards express duty to ensure that the organisation operates within the laws of the country and performs its tasks with the public's best interests at heart.