MANAGEMENT

Detailed explanation-1: -The board is responsible for reviewing and approving the budget. In its oversight function, the board should examine the budget to ensure that the projected expenses and income are comprehensive and realistic, based on the organization’s prior financial performance and general economic conditions.

Detailed explanation-2: -In general, the board makes decisions as a fiduciary on behalf of the company and its shareholders. Issues that fall under a board’s purview include the hiring and firing of senior executives and their compensation, dividends, major investments, and mergers and acquisitions.

Detailed explanation-3: -Essentially, it is the role of the board of directors to hire the CEO or general manager of the business and assess the overall direction and strategy of the business. The CEO or general manager is responsible for hiring all of the other employees and overseeing the day-to-day operation of the business.

Detailed explanation-4: -The role of the board is to plan and strategize goals and objectives for the short-and long-term good of the company and to put mechanisms in place to monitor progress against the objectives. To this regard, board directors must review, understand and discuss the company’s goals.