Board duties and responsibilities
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The boards of for-profit as well as non-profit organizations have certain duties to perform. They include:
- establishing policies and objectives for the organization
- selecting, supporting and conducting performance reviews on the chief executive
- ensuring that there is adequate financing from lenders, share offerings or donors
- approving the annual operating plans and the strategic direction
- answering to the stakeholders, specifically the shareholders and/or members
- insisting upon regulatory audits and compliance with the appropriate authorities
- appointing auditors and approving the audited statements
Beyond this list, there are other more lofty responsibilities such as:
- ensuring that short- and long-range plans are generated, maintained and achieved
- enhancing the organization’s public image
- setting a high-quality example of how governance functions and adds quality to the venture
References
Carter& Associates. (2003, May).Good Governance in Meeting the Duties of Directors of Charities and Nonprofits. Retrieved September 21, 2009, from www.carters.ca/pub/article/charity/2003/Good%20Governance.pdf
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