Corporate boards are accountable for the highest-level operations of an organisation. This could be a company or a charitable organisation. They are not involved in the specifics of a company, as this is handled by the executives. They are fiduciaries for their organizations, which means that they put the interests of the organization over their own personal interests.
They serve as strategic advisors to the CEO, providing support and challenging the CEO in a constructive way. They are accountable to the CEO for achieving the company’s goals and help the CEO find ways to achieve them.
A well-managed board pays attention to culture and talent in addition to ensuring the CEO has the tools he requires to execute the plan. This is because a plan is only successful if employees and management are able to carry it out, and the organization’s skills and culture are related to its ability to carry out its plan.
A well-managed board is current with the latest trends in the field and the marketplace. This requires an efficient information architecture that has efficient methods of collecting, disseminating, and communicating information.
A well-managed Board is aware its own strengths and weaknesses and continually strives to improve the efficiency of the board. This could mean having a fear of challenging established practices, such as formal operating procedures or the committee structure that has been in place for a long time. It may even involve bringing on new directors with unique talents or experience, like having extensive international market expertise or knowledge of managing the business that is two or three times the size of the company’s board.
https://theseboard.com/10-reasons-why-we-need-more-women-on-boards/