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A board plays a crucial function of corporate governance that is to ensure that a company is legal and operates in the best interests of shareholders and other stakeholders. This requires that the board is independent of management, and concentrate on the most important issues, not the day-to-day business.
The board is accountable for the management of risk, the operation and strategy of a business, as well as other decisions that are entrusted to it. The board also selects and oversees the succession of the CEO and the performance of the CEO. It also establishes the company’s culture and mission.
It also promotes shareholder interests and ensures that financial information is correctly reported, and ensures that investors are provided with all the information that may affect their investments. It also takes steps to protect the integrity of a company and prevent fraud and other deception. It should promote ongoing education for directors, focusing on new technologies, crucial issues such as environmental governance, social and governance (ESG) and global crises that impact how businesses operate.
A well-structured structure of the committee, including the chair and secretary is essential to effective governance. It is crucial to establish the culture of collaboration as well as open communication among all committee members. The committee secretary will set the agenda, take minutes of meetings, and distribute them to the members of the committee.
A committee must be able to rely on the reports, recommendations and opinions of its advisers. It’s important for the committee to be aware the role of these advisors and to assess their qualifications.
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