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What are the main responsibilities of a board of directors?

From my understanding the board of directors really kicks in with formalities as soon as the institutional investors decide to invest in the startup. However, from your experience, what are really the responsibilities of those board members and the board itself?

6 Replies

Doug Winter
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Doug Winter Entrepreneur
Founder and Director of Isotoma
I can really recommend this book:

https://www.amazon.co.uk/Directors-Handbook-Duties-Responsibilities-Liabilities/dp/074946058X

It's very clear, not too long, and very practical.

Although it is based on UK law I imagine most of it applies relatively well to any common-law jurisdiction.

Jeffrey Pearl
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Jeffrey Pearl Entrepreneur
Entrepreneur, CEO and Sales Leader
The Board should be providing guidance. Hopefully they are people who have already, "Seen the movie"
Thomas Duffy
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Thomas Duffy Advisor
Telehealth365
a great board increases revenue helps grow the company internationally and brings in new ideas
Arthur Lipper
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Arthur Lipper Entrepreneur
Chairman of British Far East Holdings Ltd.
Primary responsibility of the Board of Directors in an investor financed company is to determine and effect if and when the CEO and other executives should be refunctioned or replaced.
Tom DiClemente
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Tom DiClemente Advisor
Management Consulting | Interim CEO/COO | Coach
The primary function of the board is to assure the integrity of the company in all ways - financially, legally, morally. After that, they contribute to the growth and production of free cash flow in any number of ways.
Arthur Lipper
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Arthur Lipper Entrepreneur
Chairman of British Far East Holdings Ltd.
The primary obligation the Board of Directors is to establish company objectives and monitor the performance of the management. I believe having employees of the company on the Board makes it more difficult for the Board to be effective in determining when or if the roles of some employees should be changed or terminated.
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