Functions of board 1. Oversight (Make straight plan for company)They are approving and making strategic and Annual plans, operational and capital budget.Engaging external auditorInsurance insuring integrity of annual reporting (Honesty) with honestyReview of major operational activity 2. DirectionalSetting companies vision statement, mission value statement etc.Appointment of Executive director CEO Planning for succession of senior executivesAppointment of various committees e.g. Audit, remuneration committee 3. AdvisoryGiving guidance and advices about upcoming technology and sharing ideas They provide specialized input in special areasTell this in straightforward way from beginning
Question
Functions of board 1. Oversight (Make straight plan for company)They are approving and making strategic and Annual plans, operational and capital budget.Engaging external auditorInsurance insuring integrity of annual reporting (Honesty) with honestyReview of major operational activity 2. DirectionalSetting companies vision statement, mission value statement etc.Appointment of Executive director CEO Planning for succession of senior executivesAppointment of various committees e.g. Audit, remuneration committee 3. AdvisoryGiving guidance and advices about upcoming technology and sharing ideas They provide specialized input in special areasTell this in straightforward way from beginning
Solution
The functions of a board can be categorized into three main areas: Oversight, Directional, and Advisory.
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Oversight: The board is responsible for approving and creating strategic and annual plans, as well as operational and capital budgets. They engage external auditors and ensure the integrity of annual reporting. They also review major operational activities.
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Directional: The board sets the company's vision statement, mission, and values. They appoint the Executive Director and CEO, plan for the succession of senior executives, and appoint various committees such as the Audit and Remuneration Committee.
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Advisory: The board provides guidance and advice on upcoming technologies and shares ideas. They offer specialized input in specific areas.
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