What is the primary role of the Board of Directors in a corporation?

The primary role of the Board of Directors in a corporation is to provide oversight and guidance. This governance structure is essential in ensuring that the corporation is managed in the best interests of its shareholders and stakeholders. The Board sets broad company policies, establishes long-term goals, and monitors the performance of the executive team. Their responsibilities include reviewing major decisions, approving budgets, and ensuring adequate financial controls are in place, all while adhering to legal and ethical standards.

In contrast, managing daily operations falls under the purview of the company’s executive management team, who are responsible for the hands-on execution of the company's strategies. Developing marketing strategies is typically handled by the marketing department and should align with the overall strategic direction established by the Board. Likewise, handling employee relations is primarily a function of human resources management, which focuses on the internal workforce and organizational culture. The Board’s role is more about strategic oversight rather than direct management of these operational aspects.