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In a world where risks and challenges are constantly changing the main responsibility of a board is to oversee the company’s mission. A board of directors is separate from the management of the business, and is more focused on the company’s major issues than its daily operations. It establishes corporate strategy, assesses executive pay and rewards, gives input on financial matters and invests, and also manages risks.
In order to fulfill this obligation A board should take the decisions it believes will enhance the performance and growth of the business. This includes considering the following fundamental factors:
Recognizing and analyzing the potential threats that an enterprise might face. The board needs to identify and assess the financial, security and legal risks of the company. It also needs to develop strategies to reduce the risk that could be caused by emerging threats like climate change digital currencies, artificial intelligence geopolitical crises ESG and many more.
It must ensure that the corporation is operated lawfully and in compliance with relevant regulations. This includes ensuring that a corporation maintains accurate financial records and pays taxes, as well as providing adequate disclosures to shareholders and other stakeholders.
Finding and evaluating the best people to fill key roles. The board must recruit qualified individuals to serve in the positions of president and chair, secretary and treasurer (or combined secretary/treasurer), and other officers as necessary. This includes setting criteria for choosing the board members, reviewing candidate applications as well as conducting interviews and selections.
Helping the new and current members of the board. It is the duty of each board member to help each other achieve their goals. This includes making sure they take part in meetings and attend, whether in person or online and add their perspective and knowledge to discussions.