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A board of directors is a elected group of people who offers expert guidance and oversight to a company. The board is independent of management and concentrates more on the most important issues instead of the day-today business. A company’s board has an obligation of fiduciary to ensure that the company is operating lawfully and in the best interests of shareholders and other stakeholders.
A successful board will possess the right combination of leadership abilities, governance knowledge, and experience that will serve as a valuable asset for the business. Board members should be more than «yes people,» they must have the ability to challenge management when necessary and present a different perspective. In addition to the governance responsibilities of an executive board, it’s important for a board to actively interact with its stakeholders such as employees, customers, suppliers and communities that are affected by the company’s operations and strategy.
A board can also establish corporate policies, supervise the implementation of strategic plans and assess their effectiveness. It will evaluate the CEO’s performance and also participate with the CEO in senior management evaluations if appropriate. A board will help the company develop relationships with external stakeholders which can benefit the business. It will also inform shareholders and other investors on matters that impact the business mission and the financial performance of a company. This will include assessing the risk profile of the company’s finances, monitoring the impact of global developments such as trade policy and geopolitical tensions.