Board Directors are accountable for providing direction to the strategy, direction and performance of a business. They are also charged with representing the interests of shareholders and making sure management is delivering value. In order to do this, boards must decide what tasks they are accountable for and which can be legally delegated to management.

They also have a say on crucial strategic decisions, such as mergers and purchases as well as stock splits and share repurchases, and dividend declarations. They are also accountable for hiring and firing CEOs as well as setting the compensation of senior executives. To accomplish this, they must be prepared to ask difficult questions https://boardnearme.com/how-much-do-corporate-board-directors-get-paid/ and engage in constructive debate. They are also responsible for the company’s financial health and compliance with ethical and legal standards.

A good board member will provide insights and help the board be more effective. They can also help create a culture that encourages collaboration and open communication within the boardroom. They are knowledgeable of the field within which they operate and are able to provide valuable advice.

As the world around us is becoming more complex, so do our corporate responsibilities. The COVID-19 pandemic has shown us that we need to increase our speed and agility to keep up. Many boards have expanded the range of their responsibilities to include subjects such as development of culture and talent. They also concentrate on resilience and risk management as well as technology and digitalization. To be able to do this effectively board members must be proficient in digital technology and ready for the higher degree of engagement required to set forward-thinking goals.