Board Involvement in the Strategic Decision Making Process

The board of directors is legally responsible for setting the strategic direction of the firm and for ensuring the firms long-term performance in almost all governance environments. However, many boards delegate the task of creating and executing the firms strategy to a group of full-time professional managers. This separation between ownership and control creates many challenges for the modern-day firm, and the boards role in the strategy formation process is arguably the seminal governance challenge confronting boards today. Board Involvement in the Strategic Decision Making Process examines this seminal challenge.