Boards of Directors Responsibilities

Directors of boards have three formal responsibilities every member must follow. Duty of Care Board members are legally obligated to act in the best interest of the organization, and make decisions that keep the company’s mission at forefront. Duty of Loyalty — Every member must put their personal and professional interests aside when making decisions for the company. Duty of Obedience – Each member is legally bound to ensure that the organization adheres to all applicable laws and adheres to standards for good governance.

Beyond these three obligations, boards of directors have a broader array of responsibilities that are adapted to the specific requirements of each company. If your company is a publicly traded company Your board’s responsibilities likely include overseeing the CEO, and making sure that financial statements are accurate. If you’re a newcomer within your business your board could focus more on setting strategic goals and determining the direction of your business.

Another aspect of board responsibilities is ensuring the proper balance of risk management. Your board may be asked to intervene in a crisis that could harm your company’s image even if they’re not legally or ethically responsible. Boards must also ensure that their members are aware of the potential risks involved in serving on their boards and are equipped to manage them appropriately.

Each board member plays an important and distinct role in helping your business succeed. This is why it’s vital to be aware of the responsibilities of your board and how they are connected to your company’s strategic goals. Fortunately, tools like Aprio’s board portal software can assist you in reducing your duties and conduct meetings efficiently.

http://www.boardroomnow.info/what-is-the-difference-between-oversight-and-management/

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