Corporate boards are responsible for the top-level activities of an organization. This can be a company or a charitable organisation. They are not involved in the specifics of a business, since they are managed by the executives. They are fiduciaries. That means they put the interests and needs of their organization above their own interests.
They offer advice and constructive criticism to the CEO. They make sure that the CEO is accountable for attaining the company’s objectives and help to find ways to reach them.
In addition to ensuring the CEO has what they need to carry out the strategy A well-managed board is also focused on talent and culture. This is because a plan is only effective if the employees and management are capable of carrying it out, and the company’s talent and culture are inexorably related to its ability to implement its strategy.
A well-managed board is always up to date with most recent trends in the industry and the marketplace. This requires a sound information architecture that is able to provide efficient methods of collecting, disseminating and communicating information, including reviews of social media, media news, and others.
A well-managed Board is aware its own strengths, shortcomings, and constantly tries to improve the effectiveness of the Board. It is essential to not be afraid to challenge long-standing traditions, like formal operating procedures and committee structures. It could also be bringing in directors with special skills or experience, for instance having a vast understanding of international markets or experience with managing the business that is at least 2 times or 3 times the size of the board’s business.