Board directors are responsible for the direction, strategy, and performance of an organisation. They also have to represent the interests of shareholders and ensure that management provides value. In order to do this, boards have to decide what duties fall within their scope and which tasks can be delegated by senior management.

They also take a stand on important strategic issues such as mergers and acquisitions such as stock splits, stock program repurchases, and declaring dividends. They also have the responsibility of the hiring and firing of CEOs and determining compensation for senior executives. To accomplish this, they must be prepared to tackle difficult questions and engage in constructive debate. They are also responsible to oversee the company’s finances and compliance with laws and ethical standards.

A good board member will provide insights and help the board become more efficient. They also promote a culture of collaboration and communication within the boardroom. They are knowledgeable of the field in which they work and can provide valuable advice.

As the world around us becomes more complex, so do our corporate responsibility. The COVID-19 pandemic has taught us that businesses need to increase their speed and agility to keep pace. As a result many boards have expanded their duties and are now focusing on topics such as developing talent and culture, resilience, sustainability, risk management, as well as technology and digitization. To do this effectively boards must be knowledgeable about technology and prepared for the increased degree of engagement required to set forward-thinking goals.