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Top executives and members of a corporation's board of directors have different roles and responsibilities. Traditionally, executives have been responsible for determining the firm's strategic directi
Top executives and members of a corporation's board of directors have different roles and responsibilities. Traditionally, executives have been responsible for determining the firm's strategic direction and implementing strategies to achieve it, whereas the board of directors has been responsible for monitoring and controlling managerial decisions and actions. Some argue that boards should become more involved with the formulation of a firm's strategies. How would the board's increased involvement in the selection of strategies affect a firm's strategic competitiveness? What evidence you offer to support their position?
Please respond to classsmate response below using 3-4 meaningful sentences.
By the board of election being involved in the selection of strategies, it could affect a lot depending on the stakeholders and what size of the company it was. If it was over 2,000 employees then it would have to have some outside board members, which can be good, if they are brought up to date by the other board members from within the company. This can be a good idea if everyone has the company’s best interest at heart and choose the best overall strategies in order to maximize profits, but also take care of their customers by providing strategies to cater to their needs better.