The Board of Directors in Corporate Management
In corporate management the board of directors is the primary team that takes on the responsibility of an entire firm. The board decides on vision and mission as well as goals, and also weighs in with strategic planning, mergers and acquisitions, capital budgets, operating budgets, compensation decisions and other matters. The board is responsible for the selection and firing of the CEO, as well as setting executive pay rates including bonus payments, employee stock options. Often, boards are organized around committees that are focused on specific tasks. For instance the audit committee works with the company’s auditors. While the compensation committee oversees matters like the rate of pay and stock option grants.
The role of a Board is essentially to act as the corporate conscience, making sure that the work is completed and that the criteria are thought out before being submitted for approval by management. Certain presidents with a keen sense for discipline use the board as a means to enforce quotas, other performance measures, and to gauge the performance of their subordinate executives.
Directors generally do not get involved in the management of policy at a lower level decision-making, but they play a crucial role in establishing big policies for the company. They make crucial decisions for the company, including closing facilities. They decide how to invest the funds of the company and establish long-term goals in terms of quality and growth, finances and employees. The board must also establish guidelines for its own conduct and address legal matters such as conflicts of interest, director independence as well as community benefits and the evaluation of the CEO.
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