Directors are responsible for the overall oversight of a company, and as such, they have the fiduciary obligation to act in the best interests of shareholders. Boards should also take into consideration the interests and needs of all stakeholders, which includes employees, suppliers and customers, as in addition to communities, investors and others. This is known as stakeholder management. It's one of the fundamental principles that underpin the ESG (environmental social and governance) movement that is changing the way businesses are run across the globe.

A board of directors may take on many different roles in the organization but at its core it's a team that works in concert to achieve its goals. A functioning board can fulfill various roles, such as setting strategy and providing guidance and support to management, and ensuring the company is operating in accordance with its mission and vision.

A well-run board will seek out different perspectives to better understand the specific problems that the business faces. They should also be able establish clear channels for communication between board members and stakeholders. This isn't just an essential aspect of corporate management, but it's also crucial for building trust between the board and stakeholders. Stakeholders are more likely to cooperate with companies that are transparent and open in its reporting, since it shows that the board takes its responsibilities seriously. Additionally, it could aid in building a stronger image for the company as well as increase the value of the company over time.


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