Frequently Asked Questions
What are the roles and responsibilities of a board member in a corporation?
The roles and responsibilities of a board member in a corporation are multifaceted and crucial to the organization's success. Board members are charged with directing the corporation towards a sustainable future through the adoption of ethical, legal, and sound management decisions and policies. They ensure the business has ample resources to carry out its mission statement and are responsible for hiring a competent Executive Director/CEO to handle the day-to-day management duties. In addition to these responsibilities, board members also have fiduciary duties. These duties, which include care, loyalty, and obedience, require board members to make decisions in good faith that are in the best interest of the corporation. They must perform their responsibilities with the care, diligence, and skill of an ordinarily prudent person in a similar situation. The duty of loyalty mandates board members to put the interests of the corporation before any personal interests. The duty of obedience requires board members to ensure the corporation is operating in compliance with all statutes and regulations.
Ask us a question
Post us your question and we will get back to you
Need a quick help?
Schedule a call with our attorneys to resolve your queries