A board of directors' three formal responsibilities are to ________.
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

The three formal responsibilities of a board of directors are to appoint the officers of the firm, declare dividends, and oversee the affairs of the corporation. While other tasks may be delegated to the board, these three responsibilities are non-negotiable and must be fulfilled by the board itself. Choices A, C, D, and E all include tasks that may be important for the board to handle, but they are not the board's formal responsibilities.

A Board of Directors' Three Formal Responsibilities Are to ________