Directors in a
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HEN SPEAKING TO DIRECTORS, I REPEATEDLY USE A PHRASE TO SIMPLIFY HOW THEY CAN BE SUCCESSFUL: “ASK. CHALLENGE. UNDERSTAND.”
Easier said than done, right? But ultimately, these three simple words are the key to an effective director. Think about why you offer someone a directorate. I would submit there are two main reasons (of course I am talking primarily about outside directors here, rather than majority shareholders or bank management.) First, you bring someone on as a director because they have demonstrated business acumen in other areas that you believe will be of value to your institution. Second, you solicit directors based on the belief that as successful business folks, they can serve as a strong source of referrals for new business.
18 • WINTER 2023
