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The role of a board in corporate governance is to ensure that the company is legally governed and operates in the best interests of shareholders and other stakeholders. This is a role that requires independence of management and focussing on the company’s key issues rather than day-to-day operations.

The board oversees the company’s strategies and operations, setting policy, managing risks and taking other decisions reserved to it. It also selects and oversees the performance of the CEO and the succession planning process for the CEO and also establishes the company’s culture and purpose.

It also promotes shareholder interests It also ensures that financial information is correctly reported, and makes sure that investors get all the information that may affect their investment portfolios. It also takes steps to safeguard the integrity of a business and stop fraud and frauds. It should encourage ongoing education for directors, focusing on the latest technologies, important issues like environmental governance, social and governance (ESG) and global crises that affect the way businesses are run.

A well-structured structure for the committee, including an executive secretary and chair is crucial to efficient governance. It’s important to create an environment of open communication and collaboration between all members of the committee. The secretary of the committee will assist in setting the agenda, record minutes of meetings, and distribute them to all members of the committee.

A committee should have the confidence to rely on its advisors and their reports, advice, and opinions. It is important that the committee comprehends who these advisors are and assesses their qualifications.