How to Become A Board Member South Africa

A Board member is an elected participant on the board of directors of a corporation or the supervisory committee of an organization.

Below is How to Become A Board Member South Africa

Candidates must be a member of the IoDSA in good standing*;

Candidates must hold as a minimum a Senior Certificate (NQF 4)*;

Candidates must have at least 3 years’ senior management or higher experience

Below are Responsibilities of a Board Member in South Africa

Establishing the Organization’s Mission and Purpose

Every board of directors gets its direction from the organization’s vision and mission. The vision is what the organization wants to see happen. The mission is the action plan to accomplish the vision.

Executive Director-Selecting, Supporting, Reviewing

The board is responsible for vetting and selecting Executive Director candidates and selecting a qualified candidate from the pool of applicants. Once the Executive Director had been appointed, the board will work collaboratively with him/her to carry out organizational plans.

Organizational Planning

Board members spend the bulk of their time in organizational planning. They determine and monitor the organization’s products, services, and programs. In addition, they keep up to date on competitors and developments in the organization’s field.

Monitoring and Managing Financial Resources

Board members should learn how to read a financial statement. They don’t need to be accounting experts, but they should have a good idea of how much money is coming in and how much is going out.

How much does a board member make in South Africa?

The median salary was R550,000. Non-executive directors are required to make up the majority of a board’s membership and should preferably be independent, PwC said.

The group’s data shows that the median increase in remuneration was well above inflation at 6.8% (2018: 5.3%). The median salary was R553,000

What are the qualifications of a board member?

Candidate Qualifications

Demonstrated breadth and depth of management and leadership experience, preferably in a senior leadership role in a large or recognized organization;

Financial and/or business acumen or relevant industry or scientific experience;

Integrity and high ethical standards;

Do board members earn a salary?

Board members aren’t paid by the hour. Instead, they receive a base retainer that averages around R 358084.98. On top of this, they also may be paid a fee for each annual board meeting and another fee for meeting by teleconference. Some companies pay at least partly in stock options rather than with cash.

What skills do board members need?

Integrity, competence, insight, dedication and effectiveness are vital. Key qualities of a good board member can be summarized as: Passion – deep interest in the mission of your organization.

How long is a board member term typically?

The most common board member term structure is two consecutive three-year terms. A staggered term system allows a certain number of new members to be chosen each year, preventing no more than one half (preferably one third) of the terms from expiring at the same time

Should board members know staff salaries?

It is not appropriate for the board to review line-item details of individual employee salaries or to become involved in salary negotiation but some finance or executive committees review salaries (on a macro level) on a periodic basis to ensure plan appropriateness.

Do you need a degree to be a board member?

Board members are usually elected by shareholders. In order to qualify, they usually need at least a bachelor’s degree and many years of professional experience, often as chief executives. Board members earn an average salary of R1556108.41 a year, but this varies drastically from company to company.