A board corporate governance role requires a lot of oversight, insight and foresight. Directors of boards must be more vigilant and make informed decisions as the business environment IT strategies for enhancing customer experiences grows more complex and unpredictable. It also requires more coordinated efforts from all employees to ensure success.

A well-formed board must include members with a range of skills and perspectives that are able to challenge the board’s beliefs and views. This will help facilitate more comprehensive discussions and enhance the effectiveness of the board.

As the duties of the board continue to change it is crucial to be prepared to tackle the new technologies and issues such as disclosures on climate and diversity that could impact a business’s bottom line. It’s also important to foster an environment that is supportive of and encourages ongoing education, and penalizes insanity.

The board must establish goals and strategic objectives, both in the short and long term, and implement mechanisms to monitor the progress towards these goals. The board also oversees the chief executive officer and establishes the guidelines and policies that govern the company’s operations.

The board is accountable for determining which risks are acceptable and how to manage them while safeguarding shareholder interests. The board should develop risk assessments, develop policies that guide its actions and those of the manager and establish accountability processes to help the board fulfill its responsibility to steward its duties.