Functions and Responsibilities of the Board
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Two primary duties of a board of directors are duty of care and duty of loyalty.
Among other responsibilities, the board is to:
establish long-term strategic objectives for the company with a goal of ensuring that the best interests of shareholders come first and that the company's obligations to others are met in a timely and complete manner.
establish clear lines of responsibility and a strong system of accountability and performance measurement in all phases of a company's operations.
hire the chief executive officer, determine the compensation package, and periodically evaluate the officer's performance.
ensure that management has supplied the board with sufficient information for it to be fully informed and prepared to make the decision that are its responsibility, and to be able to adequately monitor and oversee the company's management.