A board corporate governance role involves overseeing and advising the company to ensure that it is operating lawfully, fairly, and in its shareholders and stakeholders’ best interests. Boards do this by operating independent of management and day-to-day operations. The board makes sure that the company’s plans for strategic planning comply with its legal, financial and ethical obligations. It also determines the biggest threats to the business, as well as the processes to manage them, delegating some of these tasks.

Many boards have appoint a chair, who’s job is to facilitate meetings and maintain good dynamic, as well setting the agenda. Other responsibilities of the chair include encouraging discussions and debate, as well as making sure that important issues receive appropriate attention. Board secretaries also play a crucial role in planning board meetings and preparing the agenda.

In addition boards are increasingly involved in a range of topics, including strategy and risk management, sustainability, potential mergers and acquisitions, as well as culture and talent development. They are also expected to put a particular attention to the ESG (environmental social and governance) aspects that are becoming essential to investors and consumers alike.

A board’s effectiveness depends on its structure and the members who have a mix of knowledge, capabilities and expertise. It is important that the members of the board have a thorough understanding of the industries and sectors within which their businesses operate. This is essential in their ability to challenge and assist management in bringing the company’s strategies into alignment with the changing needs of investors and consumer expectations.

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