Corporate governance of the board is the function of a board of directors in advising and overseeing a corporation to ensure that it functions legally, fairly and in the interest of its shareholders and stakeholders. The boards do this by being independent of the day-to-day operations and management of the business. The board makes sure that the company’s strategic IT strategies for enhancing customer experiences plans align with its legal ethical and financial obligations. It also determines the biggest risks that the company faces and the processes to manage them, and delegate some of these tasks.

Many boards have a chair who is accountable to facilitate meetings, maintaining a good dynamic and setting the agenda. Other responsibilities for the chair are to stimulate discussions and debate, as well as ensuring that important issues receive proper attention. Board secretaries perform a vital role, organizing regular board meetings and the preparation of agendas.

Boards are also getting more involved in issues like sustainability mergers and acquisitions, the development of talent and culture and strategy and risk management. They are also expected have a strong emphasis on ESG (environmental social and governance) issues that are becoming crucial for both consumers and investors alike.

A board’s effectiveness depends on its structure as well as the members’ mix of knowledge skills and expertise. It is essential that members of the board have a thorough knowledge of the industries and sectors in which the businesses operate. This is important for their ability to work with and challenge management and bring the strategy of the company in line with changing investor and consumer expectations.