https://theseboard.com/creation-development-and-operation-of-your-advisory-board/

Boards are responsible for hiring, supervising and removing senior managers. They also ensure that the company is on track to reach its goals for strategic growth and that management is in good shape. They also provide guidance and support to the CEO, and ensure compliance with ethical standards and regulatory bodies.

Most boards are focused on the big picture, which is as a jumbo jet flies at 30000 feet. A CEO is similar to the pilot at 22,000 feet making adjustments as needed.

The primary function of a board is to design the overall strategy of a company and then work in the team to implement it. When faced with a crisis, they can be invaluable. “No CEO is an expert in everything,” says Brotherton. “But the board gives them an elevated, strategic vision that allows them to guide the company through challenging waters.”

One of the most valuable contributions board members can make is through their professional networks. A fellow board member with expertise in a particular field or practice can connect the business with valuable resources including potential strategic partners, investors, and professional advisors.

A board member who is successful is able to provide constructive challenge and positive input on strategic issues like organizational investments, performance evaluations, program funding and policy development. The chance to develop your governance skills and build credibility within the corporate world can have a profound effect on your career. Additionally, the chance to establish a solid network of professional connections can provide opportunities for you in the public and private sectors.