www.boardroomnow.info/govenda-boardbookit-functions-and-pricing
The board of directors plays an important role in the governance of a corporation. It is made up of individuals with a range of skills and experiences that are not associated with the management team or the company’s team. They are unaffected by the day-to-day management activities of the company and are able to provide a fresh perspective to any strategic issues that might arise.
The primary purpose of a corporate board is to establish the organization’s vision and mission as well as the goals. The majority of the time, this is done in conjunction with the CEO or the general manager of the company. The board may also assist the company achieve its goals through the development of strategies and a risk management program. The board also provides important contacts and networks to the company.
Another major obligation of the board is to ensure that the company operates in a legal manner and in accordance with its stated mission and goals. This is done by ensuring that the board has a strong understanding of the legal organizing documents, including articles of incorporation, bylaws, and applications for tax-exempt status. The board also ensures that the company complies with its legal reporting requirements.
The board is also accountable for the selection of the CEO, determining his compensation and overseeing management. The board also oversees the company’s financial statements and helps the chief financial officer develop short and long-term strategies for the company using a SWOT analysis. Additionally, the board is responsible for assessing and evaluating its own performance and providing an education in leadership to all members.
