What is one responsibility of the board of directors?

The board of directors plays a crucial role in the governance of a company, and one of their primary responsibilities is strategic planning and oversight. This involves setting the long-term goals and objectives of the organization, determining the direction in which the company should head, and ensuring that the management team implements these strategies effectively.

The board provides guidance, evaluates potential risks and opportunities in the market, and makes high-level decisions that will affect the future of the organization. They are responsible for monitoring the company's performance against the strategic plan and making adjustments as needed to align with the overall vision.

While daily management, sales and marketing management, and technical development of products are important aspects of a company's operations, these tasks typically fall under the management team's purview rather than the board's. The board's focus is on the broader picture, ensuring that the company is moving in the right direction to generate value for shareholders and other stakeholders.