A board corporate governance role requires insight, oversight and foresight. As the business landscape becomes more complex and unstable requires more constant monitoring and informed decision-making from board directors. It also requires coordinated efforts among all employees to ensure success.

A well-formed and constituted board should have members with a variety of abilities and perspectives who are willing to challenge the board’s beliefs and viewpoints. This will allow for more extensive discussions and increase the board’s effectiveness.

As the board’s responsibilities continue to evolve, the board must be ready to tackle emerging technology and key issues such as diversity and climate-related disclosures that could impact a company’s bottom line. It’s also crucial to establish an environment that values and encourages continuing education and punishes insanity.

The board should set the strategic goals and objectives for the short- and long-term and put mechanisms in place to monitor progress on those goals. The board also supervises the chief executive officer, and formulates the guidelines and policies which govern the company’s activities.

It’s the board’s responsibility to determine the risks acceptable and how to balance them against safeguarding shareholder interests. The board should develop risk assessments, establish policies that guide its actions as well as those virtual reality’s role in product design of its manager and establish accountability processes to support the board’s duty of stewardship.