The role of a board of directors is to govern, rather than manage, a company. The principal functions and responsibilities of the Board include the following:
- Providing leadership to the Company and its employees;
- Overseeing the development and implementation of appropriate corporate strategies;
- Ensuring corporate accountability to shareholders;
- Overseeing the control and accountability systems within the Company;
- Ensuring robust and effective risk management, compliance and control systems are in place and operating effectively;
- Monitoring the performance and conduct of the Company;
- Monitoring the performance and conduct of senior management, and ensuring adequate succession plans are in place; and
- Ensuring the Company continually builds an honest and ethical culture
In broad terms, the Board is responsible for, and has the authority to determine, all matters relating to the policies, practices, management and operations of the Company. This includes directing and delegating senior officers who manage the day-to-day affairs of the company.
In accordance with its responsibilities under corporate governance, the Board must also ensure that the Company complies with all of its contractual, statutory and any other legal obligations, including the requirements of any regulatory body.