Many skills are applicable to become a board member. In particular, the company may need directors with industry experience, legal, corporate finance or accounting experience, or general management experience relevant to the company and/or the sector and region in which it operates. All of these skills, plus the ability to assess risk, the ability to build consensus and demonstrate leadership, and other skills, are likely to be needed by any company over time and are unlikely to be offered by a single director.
GP should encourage its director(s) to seek appropriate support and training to enable them to carry out their duties as directors to the best of their ability and in accordance with their legal duties and contractual obligations. GP should seek to ensure that all appointed board members are individuals with appropriate authority, competence and experience who can add value and insight to the portfolio company. The ability to work cooperatively and openly with management and other board members is also important.