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A board plays a crucial responsibility for corporate governance, which is to ensure that a company is operating legally and in the best interest of shareholders and other stakeholders. This requires that the board operate independently of management, and concentrate on the most important issues, not the day-to-day business.
The board is responsible for the management of risk as well as the operation and strategy of a company, as well as other decisions that are made by it. The board also chooses the CEO, supervises and plans the succession of the CEO and the performance of that CEO. It also decides on the company’s values and culture.
It also promotes the interest of shareholders, ensures that financial information is reported correctly and makes certain that investors are informed of all information which could affect their holdings. It also takes steps to safeguard the integrity and reputation of the business and prevent fraud. It should encourage ongoing training among directors, particularly on the latest technologies, important issues like environmental Governance, Social and Governance (ESG), and global crises that affect how businesses operate.
A well-structured structure of the committee, with chairs and secretary is essential to effective governance. It is crucial to establish an environment of collaboration and open communication between all committee members. The secretary of the committee can help in setting the agenda, keep minutes of meetings and distribute them to all members of the committee.
A committee must be able to rely on its advisors their advice, reports, and opinions. It is crucial for the committee to be aware who these advisers are, and to assess their qualifications.
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