Boards are accountable for establishing company strategy, supervise management and ensure that the best interests and interests of shareholders and other stakeholders. They also have the responsibility of managing conflicts between shareholders and management whether it is a dispute about compensation or disagreements regarding the direction of the company.

Boards are often asked to support and guide the management team, by providing them with guidelines and resources, such as the approval of marketing campaigns or allocating more resources. They also are involved in determining the risk appetite of the company and backing a robust risk management program. They are also required to ensure that internal controls are operating effectively.

The board must also ensure that all legal requirements are being met, and that the company is in good standing with regulators. This is a complex task that data management: key to M&A success requires coordination with other committees like audit and compliance.

The board should also assist the company in developing an enduring culture by providing a positive example to all employees. This is especially important in this day and age, when corporate behavior is scrutinized more than ever.