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  Tasks of the Board

Tasks of the Board

To try to make sure that the company succeeds in its aim, the board is charged with several tasks.

The major tasks are to:

1. Decide on the strategic direction of the company

The level of involvement in strategy setting tends to change between boards. In a number of cases, the full board will set up the strategic aims but will delegate accountability for developing a strategic plan to an executive committee. This is a committee pretended of specific members of the board that generally involves the chief executive officer that leads the management team, and the another executive directors. One time the committee has set up a plan, it will be put before the full board for approval.

2. Exercise control

To try to make sure that things go as per to plan and resources are correctly allocated, the board must exercise control. This is frequently done by board committees. Each and every committee is made up of board members that report to the full board on their findings and progress.

The key committees are expressed below.  The major areas over which the board must exercise control involve:

  • Carrying out the strategic plan

By having developed a strategic plan, the executive committee will generally be charged along with its successful implementation.

  • Checking the integrity of the financial statements

The UK (United Kingdom) Corporate Governance Code says that a separate board committee, termed as the audit committee, should be set up to promote the reliability of the financial reporting systems.

  • Evaluating and managing risk

Even though a separate risk management committee might be formed, the audit committee may take on this responsibility.

  • Nominating and remunerating directors

The UK (United Kingdom) Corporate Governance Code says that a nomination committee and a remuneration committee should each be established to assist gives formal and transparent procedures in these areas.

  • Assessing board performance

Appraisals relied on contributions made, or outcomes achieved, should be performed on individual directors and on the board as a whole.

3. Maintain external relations

The board is accountable for promoting the interests of the company and establishing good relationships along with shareholders. Relationships with main shareholders are frequently helped by informal meetings including key board members. These meetings that generally include a free exchange of views between board members and shareholders might help the shareholders to adopt a long-term perspective to company performance. They may also assist in securing support while the board has to carry out difficult decisions.

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