Analyzing Five Responsibilities of the Board of Directors

Your board of directors has a critical role in the company.

If you don’t already know what they’re supposed to be doing, it’s unlikely that you have any clue as to what you’re supposed to be doing. But that is the true gravity of the situation, when you consider what is at stake. A board of directors exerts incalculable amounts of influence on a company. It literally dictates, along with the CEO and management teams (assuming these positions don’t overlap), the direction a company is going.

Hence, it is vital that you know what your board is responsible for, and what it is not responsible for. Your entire staff has a set of duties, for which they’re held accountable to complete. Your board is not an exception. They’re tasked with managing the company, from the top, down. A board is also responsible for overseeing a company’s funds, ensuring that there is profitability and that the company strategy is being executed.

A competent board of directors is a competitive advantage. But before you can boast of such an achievement, you’ll need an accountable board. Watch this video by OpenView Labs for more information on this topic.