‍“With the global crisis in corporate governance still only mildly abated, there have been renewed calls for Boards to become more active participants in their corporations’ affairs and in particular the “direction setting” or “strategy” function. After all, the purpose of governance is to enhance executive decision making and thus improve organizational performance. Since strategy is one of the most important activities that a CEO and his/her executive team can perform, it would seem only fitting that this is an area in which the Board should be quite involved. Accordingly, the notion of a Board’s responsibility for a corporation’s strategy appears to be no longer debatable.

At the same time, however, a Board’s involvement in strategy must continue to honor the well-respected tradition that Directors, generally, are not elected to micro-manage the corporation, but rather for oversight, insight and foresight…”