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Responsibilities Of Board Of Directors Of A Company

Posted on November 6th, 2015 by Geraldino Bruno

Board of directors of a company is the appointed representatives of the shareholders who are trusted upon the responsibilities of running the daily business affairs of the company. The members of the board of directors are directly responsible and accountable to each and every shareholders of the company. Every year during the AGM or the annual general meeting, which is the mandatory meeting that every company must hold, the board of directors is required to furnish reports on the overall performance of the company during the year as well as submit the financial documents for evaluation by the shareholders.
As a member of the board of directors of the company every member has certain obligations and responsibilities. Every director should have complete understanding of the responsibilities before taking up the position. The board of directors is also required to establish values that are in accordance with the company secretarial services in Singapore law books and it should be promoted at all times.
Some of the most important functions and duties of a board of director are listed below:
Formulate strategy
It is impossible for any business organization, no matter how big or small it is, to survive without having a business strategy in place. In larger organizations, the task of formulating business strategy is taken up by the board of directors. The directors not only review and evaluate the present strategies, but also constantly develop new ones to create better business opportunities as well as tackle the market threats. The board of directors is also required to ensure that the business strategy adopted is in accordance with the company secretarial services guidelines.
Establish values and mission and vision for the company
As a member of the board of the director of a company one of your prime responsibilities would be to establish a mission and vision statement of the company that would serve as the guiding force of all the operation within the organization. The mission and vision statement should not only be interest of the company but also it should benefit the employees as well as others who are associated with the company. Another important responsibility of board of director is to set the company goals and review it periodically.
Delegation
While the board of directors manage the daily affairs of business they must be able to efficiently delegate the authority to the management and evaluate the performance of the business plans, polices and strategies. The directors must also determine the criteria for monitoring and maintain a good communication with the senior management. Link here http://www.exes.com.sg/services/accounting/ to know more about a comprehensive range of services that are often customized according to client’s needs.
Be accountable to stakeholders
One of the key roles of board of directors is to establish an effective communication channel so that the information to and from shareholders are conveyed cleared. The board of directors much understands the interest of the shareholders and promotes their goodwill.

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