Finance is the universal language of business. It is the language used to describe, explain and evaluate the results of all actions and decisions taken by management. This ranges from the results of routine trading, through evaluation of major investment decisions to the understanding of the overall performance of the organisation.
High-performing boards are typified by robust debate, both challenging and supportive, leading to high-quality decision making. This is impossible unless everybody around the table is well-versed in the required skills and terminology. Finance cannot be simply left to the CFO. Apart from legal issues, such as joint and several liability, each member owes it to the group to understand the commercial consequences of the collective actions.