Question

Top executives and members of a corporation's board of directors have different roles and responsibilities. Traditionally, executives have been responsible for determining the firm's strategic direction and implementing strategies to achieve it, whereas the board of directors has been responsible for monitoring and controlling managerial decisions and actions. Some argue that boards should become more involved with the formulation of a firm's strategies. How would the board's increased involvement in the selection of strategies affect a firm's strategic competitiveness? What evidence you offer to support their position?

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Answer 1

A greater invalidation of a company's strategic competitiveness in the selection of the Board members can have a positive effect. This is because a council or dictators is usually a diverse group of members representing the shareholders ' interests. Due to the company 's diversity and its financial interests, the board of managers is advisable to help select strategies that can make an enterprise more competitive. Evidence for this can be found in diversity claims, which support increased creativity, the ability to address complicated issues and the ability, if the executive board is diverse, to be more innovative.

This is the concept of the Board. They may use their diversity by supporting the development and selection of strategies to help improve competitiveness.