Board Members Contribution to Strategy
Discussion Question
Please respond to the following: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?
Answer preview
Traditionally, the board of directors played a supervisory role within an organization, leaving the company’s day-to-day running to the executives (Barroso-Castro et al., 2017). However, boards have increased clamor to become more active in the management of their organization. It would mean that they have to get involved in strategy formulation and implementation. The long-term success of an organization…
(650 words)