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The role over here about Shaping Business Requirements with VDRs of the board is to run the business by ensuring a thorough and consistent oversight of key areas, including risk and strategy. But it cannot manage, or micromanage the company’s business by encroaching on the management’s responsibilities, which are designed to assist the executive team and CEO provide value to shareholders.

Boards must have a clear structure and governance framework to do their job effectively. This includes a clear definition of responsibilities from the chairperson up to the individual directors as in a decision-making process that is used to establish priorities.

Furthermore, a strong board governance system requires a well-planned process for arranging meetings and agenda items. It also provides a strong governance framework that clearly defines the purpose of the board as well as its relationship with management. The framework also includes a description of the board’s governing principles and values, such as integrity and transparency.

The board should also have a clearly defined strategy for identifying the CEO, developing that person and overseeing succession. It should have a clear strategy for addressing urgent issues that arise and be able to shift its priorities and activities when the need arises. The board’s governance practices must be in line with the business and the board must be able to anticipate and react to changes that occur in today’s fast moving and highly complex world. For these reasons, board members must be able to make a rigorous dedication of their time and effort to their duties on the board.