Discuss the role and powers of the Board with respect to good corporate governance.

As an element of good corporate governance the role of the Board should be clearly documented in a Board Charter. The Board as a main functionary is primary responsible to ensure value creation for its stakeholders. The absence of clearly designated role and powers of Board weakens accountability mechanism and threatens the achievement of organizational goals. Therefore, the foremost requirement of good governance is the clear identification of powers, roles, responsibilities and accountability of the Board, CEO, and the chairman of the Board. Role and powers of the Board The board should retain full and effective control over the company and monitor the executive management. Board should exhibit total commitment to the company. An efficient and independent board should be conscious of protecting the interests of all stakeholders and should attend and actively participates in the meetings. The board should ensure a clearly accepted division of responsibilities at the top level of a company, which will ensure a balance of power and authority. The Board should ensure the company's prosperity by collectively directing the company's affairs, whilst meeting the appropriate interests of its shareholders and stakeholders.