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Boards are accountable for establishing the company’s direction, oversee management and ensure that the company is in the best interests and stakeholder needs of shareholders and other stakeholders. They also are responsible for resolving conflicts between management as well as shareholders, whether it’s disagreements about compensation or disagreements regarding the direction of the business.

Boards are often asked to guide and support the management team, by giving them guidelines and resources that include the approval of marketing campaigns or allocating more resources. They also help determine the company’s appetite for risk and assist in implementing a robust risk-management program. They are also required to ensure that internal controls are in place effectively.

Another area that requires board supervision is to ensure that all legal obligations are met and the company maintains good standing with regulators. This can be a time consuming task that should be done in conjunction with other committees such as audit and compliance.

Additionally, boards are expected to assist in helping the company develop a healthy and solid environment by setting an inspiring example to all employees. This is especially important in the present climate, where corporate behavior is scrutinized more than ever.

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