Boards of directors are responsible for overseeing and advising companies to ensure they operate legally and in the best interest of shareholders and other stakeholders. They are independent from the daily operations and management of the business. They also act as a check and balance to the executives of the company who are held accountable for performance. The role is challenging for both executive directors and non-executive directors because they must maintain a delicate balance between managing the day-to-day stress of the business while also focusing on the bigger picture and strategic issues.
The main role of the board is to define the corporate mission, vision and mission, and to ensure the company’s operations are in line to the company’s goals and plans. The board is also accountable for defining the company’s vision, purpose and mission. It also takes key financial decisions and decides on mergers and acquisitions. They also decide on the best way to manage the resources of the organization. The board also oversees the CEO and is accountable to them for their performance.
Implementing policies that help to strengthen an organization’s credibility including an ethics code for whistleblowers and a policy for reporting misconduct, is one of the most important obligations. The board must also interact with the stakeholders, both internally and externally to improve the public image of the company and enhance its image.
As a board member, you will have the opportunity to improve your leadership skills, meet new people and contribute to the community in a meaningful manner. When you are deciding to accept this prestigious post it is important to know the main responsibilities a board is required to fulfill. This will assist you in making the right choice when applying for an opening on a board and provide you a clear understanding of what you will be expected to do.
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