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In the midst of constantly evolving risks and challenges, the board’s primary obligation is to oversee for the mission of the company. A board of directors is independent of the management of the business, and is more focused on the larger issues of the company as opposed to its daily operations. It establishes corporate strategy, assesses executive pay and rewards, provides advice on financial matters making investments, and manages the risk.
To fulfill this obligation the board must take the decision that they believe in good faith will contribute to the growth of the company. This involves taking into consideration the following fundamental elements:
Examining and identifying the potential risks of an organization. The board must determine the risks, evaluate, and monitor the financial, security, and legal risks of an organization. It should also devise strategies to mitigate the risks posed by emerging threats like climate change, artificial intelligence, digital currency geopolitical crisis ESG and more.
It must ensure that the corporation is legally operated and in compliance with applicable regulations. This includes ensuring that a corporation maintains accurate books, pays taxes and provides proper disclosures to shareholders as well as 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 guidelines for selecting the board members, evaluating the candidates’ applications as well as conducting interviews and selections.
Helping the board members both new and old. Each board member has a responsibility to assist fellow board members in achieving their goals. It is vital that board members attend meetings either in person or remotely, participate, and share their knowledge and experiences.