7. Finance

There is a funny ritual that happens in board rooms when it comes time to determining which board members will sit on which board committees. I have seen the same scenario play out on almost every board on which I have ever served.

“OK,” starts the CEO hesitantly. “It’s time to select committees. Who wants to be on audit?” Smirks and eye rolls ensue. Everyone knows the audit committee is a snoozefest, and finance has a reputation for being the last place you want to spend your time as a board member, particularly when compared with the thrill of developing innovative products or the adrenaline involved with sales.

At least that is the conventional wisdom. Trust me when I tell you that an effective and powerful finance function is critical ...

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