The role of a board’s corporate governance requires oversight, insight and foresight. As the business landscape gets more complex and unstable, it demands more assiduous monitoring and informed decision-making by directors of the board. It also requires more coordinated efforts of all employees to ensure company success.

A well-formed board must include members with a range of skills and perspectives who are willing to challenge the board’s assumptions and opinions. This will encourage more comprehensive discussions and enhance the board’s effectiveness.

As the duties of the board change and evolve, it is essential to be ready to deal with emerging technology and issues such as climate disclosures and diversity that could impact a business’s bottom line. It is crucial to establish an environment that encourages and rewards continuous learning and discourages complacency.

The board should set the strategic goals and objectives for the short- and long-term and put mechanisms in place to monitor progress on the goals. The board oversees the chief executives, and sets the guidelines and policies for the company’s operation.

The board is accountable for determining what risks are acceptable and how to balance these risks with protecting shareholder interests. The board should develop risk assessments, establish policies to guide its own actions as well as those of its manager and establish accountability mechanisms to strengthening online security with advanced cybersecurity assist the board in its responsibility to steward its duties.