Please respond to the following:Top executives and members of a corporations board of directors have different roles and responsibilities. Traditionally, executives have been responsible for determining the firms strategic direction and implementing strategies to achieve it, whereas the board of directors has been responsible for monitoring and controlling managerial decisions and actions. Some argue that boards should become more involved with the formulation of a firms strategies.How would the boards increased involvement in the selection of strategies affect a firms strategic competitiveness?What evidence would you offer to support their position?Be sure to respond to at least one of your classmates posts.Peers discussion post in which Iâll have to provide a response too.Travis Clarke RE: Week 8 DiscussionClassmates,The role of the board of directors is to act in the owners best interests by formally monitoring and controlling the firms top level managers. In addition
to their monitoring role, board members increasingly are expected to provide resources to the firms they serve. These resources include their personal knowledge and expertise and their relationships with a wide variety organizations the boards involvement creates the need for effective collaboration between the board and top level managers.The board is broken down into 3 parts: Insiders-The firms CEO and other top level managers. Related Outsiders are individuals not involved with the firms day to day operations, but who have a relationship with the company. Outsiders are individuals who are independent of the firm in terms day to day operations and other relationships. Additionally, boards can make mistakes in strategic decisions because of poor decisions processes, and in CEO succession decisions because of the lack of important information about candidates as well as the firms specific needs. Overall, knowledgeable and balanced boards are likely to be the most effective over time.