Concretely, for solid stock:
Thickness: a minimum of around 12 mm, and 18 to 20 mm is much better. Below that you are relying on a thin section to resist splitting at the screw, and the bevel becomes a knife edge.
Species: a hardwood if you can, for anything substantial. Something dense and reasonably stable rather than the softwood most people have in the offcut pile. Avoid species prone to splitting when screwed near an end.
Grain: straight, running along the length of the cleat. This is more important than the species. A board with grain running out at an angle across the width is a split waiting to happen, and it will look perfectly fine until the day it does not.
Movement: solid wood moves across the grain with humidity, plywood barely does. On a long cleat that is a real consideration — a two-metre solid cleat will change width slightly through the year, which is fine, and will also want to cup, which is not.