A board of directors has three formal responsibilities:
A) periodically update the firm's business plan, declare dividends, and write the firm's marketing plan
B) appoint the officers of the firm, declare dividends, and oversee the affairs of the corporation
C) write the firm's strategic plan, declare dividends, and conduct the annual meeting
D) appoint the officers of the firm, conduct the annual meeting, and submit the firm's annual report to the Securities & Exchange Commission
E) provide funding to the firm, write the firm's strategic plan, and submit the firm's annual report to the Securities & Exchange Commission

Question

Quizplus · Accepted Answer

A board of directors is responsible for selecting and appointing the officers of the corporation, declaring dividends to shareholders, and overseeing the overall operations and affairs of the organization. They are also responsible for ensuring that the organization is in compliance with legal and regulatory requirements. Writing and updating strategic and business plans, as well as conducting the annual meeting and submitting annual reports to regulatory agencies, may also be part of their responsibilities, but they are not the primary formal responsibilities of the board.

A Board of Directors Has Three Formal Responsibilities