Brad Feld explains why and how the board of directors is a formal construct that essentially provides governance for the company. Their duty, in a variety of formal and informal responsibilities, is to ultimately serve the best interest of the company. The CEO should create a transparency with the board that builds the board’s faith in the CEO as the person to run the company.
THIS VIDEO CAN HELP ANSWER:
What is a board of directors?
How can a board help my company grow?
When should I form a board?
What’s the difference between an advisory board and a board of directors?