The Board’s Corporate Governance Role

A board has a fundamental corporate governance role to ensure that a company is operating legally and in the best interests of shareholders and other stakeholders. This requires the board to operate independently of management and paying attention to the company’s biggest concerns rather than its day-today operations.

The board oversees the company’s operations and strategies in setting policy, directing risk and making other choices that are its responsibility. It also selects and oversees the performance of the CEO as well as the CEO succession planning process and sets the company’s culture and mission.

It also promotes shareholder interests, ensures that financial information is accurately reported, and makes sure that investors are provided with all the information they need to make informed decisions about their investment portfolios. It also takes steps to safeguard the integrity and reputation of a business and to prevent fraud. It should encourage ongoing training among directors, especially on emerging technologies, key issues such as environmental, social and governance (ESG) and global crises that impact how businesses operate.

A well-constructed structure of the committee, including chairs and secretary is essential to effective governance. It is important to foster the culture of collaboration as well as open communication between all committee members. The committee secretary will help set the agenda, record minutes of meetings, and distribute them to all members of the committee.

A committee should be able to rely on its advisers and their reports, advice, and opinions. It is crucial that the committee knows who these advisors are and evaluates their expertise.

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