In a dynamic environment, boards become very important for smooth
functioning of organisations. Boards are expected to perform different
functions, for example, monitoring of management to mitigate agency costs
hiring and firing of management, provide and give access to resources, grooming
CEO and providing strategic direction for the firm. Boards also have a
responsibility to initiate organisational change and facilitate processes that
support the organisational mission. Further, the boards seek to protect the
shareholder’s interest in an increasingly competitive environment while
maintaining managerial professionalism and 2 accountability in pursuit of good
firm performance. The role of board is, therefore, quite daunting as it seeks
to discharge diverse and challenging responsibilities. The board should not
only prevent negative management practices that may lead to corporate failures
or scandals but also ensure that firms act on opportunities that enhance the
value to all stakeholders. To understand the role of board, it should be
recognised that boards consists of a team of individuals, who combine their
competenci

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