Doctors are advised not to operate on their family members, and there is good reason for this: Judgment can get skewed and the result can be less than ideal.

Likewise, a director should not have an overly emotional tie to the company he or she is in essence “operating” on—whether that tie be a family connection or financial dependence.

If there is one thing that great boards have in common, it is that they include truly independent directors.

Independent directors bring the following qualities to a board:

• Balanced focus on present state and future needs

• True objectivity

• Transparency for all shareholders/stakeholders

• Proper assessment of risks

• Elevation of the company to the next level.

Be sure to take one on board. Should you need more advice, please do not hesitate to contact us here at Family Business Ireland.

Source

https://www.familybusinessmagazine.com/what-independent-directors-bring-board