What is the main responsibility of a Board of Directors or company owner?

The main responsibility of a Board of Directors or company owner is to ensure that the General Manager fulfills his or her contract. This involves overseeing the performance of the General Manager and ensuring that they are effectively executing the company’s strategy and meeting its goals. The Board or owner plays a crucial role in governance, establishing policies, and monitoring the execution of those policies to ensure accountability and alignment with the organization's objectives. This oversight function is vital for sustaining business performance and achieving long-term success.

While controlling costs, managing daily operations, and hiring new staff are important activities within a company, these are typically the responsibilities of the General Manager and other executives rather than of the Board of Directors or company owners.