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The Board of Directors: Governing the Mission

In: Value Creation for Owners and Directors

Author

Listed:
  • Massimo Massa

    (INSEAD)

  • Kai Taraporevala
  • Ludo Van der Heyden

Abstract

The Board of Directors lies in the middle of the transmission chain linking owners with executives. One of their principal tasks is to set the company’s goals that, when achieved, denote progress on the mission, and hence value creation. Their next task is to engage in the formulation and approval of the strategy to be followed for reaching these goals. Finally, boards select CEOs and other members of the senior leadership team, ensure the financing of the company, monitor its performance, and become front-line in crisis times. In fulfilling their responsibilities, boards of privately owned firms lie at the center of the “duality” between ownership and the owned corporation, ensuring continued alignment so that the business delivers the value expected.

Suggested Citation

  • Massimo Massa & Kai Taraporevala & Ludo Van der Heyden, 2023. "The Board of Directors: Governing the Mission," Springer Books, in: Value Creation for Owners and Directors, chapter 3, pages 61-92, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-19726-0_3
    DOI: 10.1007/978-3-031-19726-0_3
    as

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