The functions of the board of directors of an enterprise include the formulation of policy and objectives, the selection of strategies and the evaluation of corporate performance. It is sometimes convenient to distinguish between direction and management, the former being concerned with policy and objectives, the latter with planning, execution and control. Such a distinction can take the form of organising the board as a two‐tier or two‐part board, and the differences between the two approaches are discussed. Problems relating to worker‐directors and non‐executive directors are also briefly alluded to.
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