Generally speaking, we might summarise the core functions of the Board of Directors as follows:

• To ensure that the company achieves its mission and objectives as agreed by the Board
• To assess and manage the risks faced by the company
• To monitor company performance
• To review internal company controls
• To supervise the financial and budgetary planning processes
• To approve contracts, finance and investment in excess of specified thresholds
• To be accountable to members and external stakeholders
• To ensure the company is managed appropriately
• To meet regularly as a board (as is appropriate) and work effectively in governing the company
• To comply with the range of obligations set out in the Companies Act 2014.

The Companies Act 2014 commenced on June 1st 2015. In this lesson, we will look at the implications of the Act for existing Companies Limited by Guarantee and for those organisations who may wish to register as companies in the future.

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