A role for a board’s corporate governance consists of overseeing and advising an organization to ensure that it operates legally, fairly and in its shareholders’ and stakeholders’ interest. The boards do this by being independent of the management and day-today operations of the business. The board ensures that the strategy plans of the company are aligned with its legal obligations, financial obligations, and ethical obligations. It also determines major risks facing the business and the procedures to manage them, delegating some of these tasks.

A majority of boards have a chairperson who is responsible for facilitating meetings, ensuring an appropriate atmosphere and setting the agenda. Chairs’ other responsibilities include to inspire discussions and debate, and to make sure that important issues receive appropriate attention. Board secretaries are essential in scheduling board meetings on a regular basis and the preparation of agendas.

Boards are also increasingly involved in issues like sustainability mergers and acquisitions, the development of talent and culture and strategies and risk management. They are also expected to have a keen attention to ESG (environmental social and governance) factors that have become crucial to consumers and investors alike.

To be efficient, a board needs to have the proper structure and members with an array of abilities, knowledge and experience. It is essential that members of the board have a thorough knowledge of the industry and sectors within which their businesses operate. This is essential in their ability to challenge and assist management in bringing the company’s strategies in line with the ever-changing consumer and investor expectations.

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