Essential Responsibilities of Boards of Directors
www.boardroomnow.info/working-board-vs-governance-board A board of directors plays a vital role in the governance and management of a company. The board is comprised of individuals with diverse backgrounds and expertise who are not associated with the management team or company. They are not a part of the daily management activities of the business and can offer a […]
www.boardroomnow.info/working-board-vs-governance-board
A board of directors plays a vital role in the governance and management of a company. The board is comprised of individuals with diverse backgrounds and expertise who are not associated with the management team or company. They are not a part of the daily management activities of the business and can offer a fresh view of any strategic issues that may arise.
The primary function of corporate boards is to set the vision, mission and goals of the company. The majority of the time, this is done in collaboration with the CEO or general manager of the company. The board will also aid the company achieve its goals through the development of a strategic plan and plan to manage risks. The board also provides invaluable contacts and networks to the company.
Another important responsibility of a board is to ensure that the business is operating legally and in line with the stated mission and goals. This involves ensuring that the board has a strong understanding of the company’s legal documents for organization, such as articles of incorporation, bylaws, and applications for tax-exempt status. The board also ensures the company complies with its legal reporting requirements.
The board is also responsible for the hiring of the CEO, setting his compensation and directing the management. The board also monitors the company’s financial statements and helps the chief financial officer to come up with short- and long-term strategies for the company with a SWOT analysis. Additionally the board is responsible for assessing and evaluating its own performance and providing the necessary leadership training to all members.
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