Present day corporate directors are faced with increasing responsibilities, expectations, and risks. Over the last twenty years, government standards for board oversight have grown more stringent than ever as the role of the board evolves.
But why exactly do boards of directors exist, and what role do they serve in business leadership? Ultimately, boards exist to provide strategic oversight for a company and to protect shareholders’ financial interests.
In order to accomplish those goals, individuals who wish to serve on a board must be willing to take on the responsibilities expected of a director. Below, you’ll find the eight basic functions of a board.
Literally, board members are expected to provide the vision, mission, and goals for an organization. Metaphorically, they’re also responsible for the “big picture” vision for the company: where is it currently headed? Where does the company want to go from here?