What a Board Seat Obligates
A board seat is often described as a right won in a financing. It is better understood as a duty assumed.
A director owes the company care and loyalty, which in practice means preparation before meetings, candor during them, and discretion afterward.
The line between governing and managing is worth guarding. Boards set direction, hire and support the chief executive, and hold the company to its own plan. Running the company is someone else's job.
The best measure of a director is what the founders say when asked whether the seat earned its place at the table.