One property which is a must for control rod material is the heavy absorption capacity for neutrons so that they can carry out the control function effectively. The commonly used materials which satisfy these criteria include cadmium, boron, iridium, silver and hafnium. Another property of control rods is that the material should not start a fission reaction despite the heavy absorption of neutrons. Infact you can imagine the function of a control rod just like a blotting paper which sucks the extra ink that has spilled somewhere but doesn't let it spread in a wider region.
The mechanism of control consists of arranging control rods in assembles which are usually mounted vertically within the reactor core and are inserted into the guide tubes with the fuel elements. For purposes of safety of a reactor in case the lifting mechanism also suffers a failure, the control are arranged in such a way that they will get into the stop position and shut down the reactor completely in such a case.
Hence we see that control rods tend to provide a mechanism wherein the immense nuclear energy can be tamed within reasonable limits and ensure safety and security of the reactor as well the outside environment.