Board of Directors
The board of directors have very defined roles and responsibilities within the Chamber of Commerce. Essentially, it is the role of the board of directors to hire the President/CEO and assess the overall direction and strategy of the Chamber.
The Primary Role of the Board is as follows:
- Recruit, supervise, retain, evaluate and compensate the manager.
- Recruiting, supervising, retaining, evaluating and compensating the President/CEO is probably the most important function of the board of directors.
- Provide direction for the organization.
- The board has a strategic function in providing the vision, mission and goals of the organization. These are often determined in combination with the President/CEO of the Chamber.
- Establish a policy based governance system
- The board has the responsibility of developing a governance system for the business. The articles of governance provide a framework but the board develops a series of policies.
- Govern the organization and the relationship with the CEO
- The governance system involves how the board interacts with the President/CEO.
- Fiduciary duty to protect the organization’s assets and member’s investment.
- The board has a fiduciary responsibility to represent and protect the member’s/investor’s interest in the company. So the board has to make sure the assets of the company are kept in good order.