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Boards of directors are accountable to oversee and advise companies on how to operate legally and in the best interests of shareholders and other stakeholders. They are independent of management and the daily operations of the company. They also act as a check on executive management and ensure that they are accountable for their performance. Directors who are executive and nonexecutive directors face a challenging job, as they have to keep a balance between managing the demands of an organization and paying attention to strategic issues.
The primary responsibilities of a board include setting the company’s vision, purpose and mission, as well as ensuring that the company is functioning in accordance with its organizational goals and plans. The board is also accountable for defining the company’s vision, goals and mission. It also makes important financial decisions and prepares mergers and acquisitions. They also determine the most efficient way to make use of the resources of the company. The board is also responsible for ensuring that the CEO’s performance is monitored and ensuring they are accountable.
Implementing policies that help to strengthen an organization’s credibility including an ethics code for whistleblowers and a policy on reporting the perpetrators, is among the most important responsibilities. The board must also work with the stakeholders, both internally as well as externally to boost its public image and boost its reputation.
As a board member you will have the opportunity to develop your leadership skills, meet new people and contribute to the community in a meaningful manner. Before you can accept this prestigious position it is important to know the primary responsibilities a board is required to fulfill. This will allow you to make the right choice when applying for the position on a board and provide you a clear idea of what you are likely to encounter.