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A board of directors plays an important part in the management of a company. The board is composed of people with a variety of backgrounds and skills that are not a part of the management team or company. They are unaffected by the management and daily operations of the business and can provide a fresh perspective to any strategic issues that may arise.

The main function of the corporate board is to define the vision, mission and goals of the organization. This is usually done by a meeting with the general manager or CEO of the business. The board can also help the business reach its goals by formulating strategic policies and a risk management plan. The board can also provide valuable contacts and networks for the company.

Another crucial responsibility of the board is to ensure that the company is operating legally and in line with the stated mission and objectives. This includes ensuring that the board is aware of the legal documents of the company, such as articles of incorporation and bylaws and applications for tax exemption status. The board also ensures that the company is in compliance with its legal reporting requirements.

The board is also accountable for hiring and setting compensation for the CEO, as well as overseeing the management of the company. The board is also accountable for ensuring the financial statements of the company as well as aiding the chief financial officer to develop short- and long-term company strategies based on SWOT analysis. The board is also accountable for evaluating its own performance and also providing leadership education to all members.