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Leesburg, Ohio | It is NOT the job of a board to "micro manage".
Maybe bank boards are different...I have never served on one.
I have served on many other boards, both non-profits, and for-profit.
The number one job of any board is to hire/fire/evaluate/compensate the CEO.
The other responsibilities include directing overall business strategies, new business plans, governance functions, rate setting strategy.
Not sure about "leaving them alone", but the best boards operate under a policy of "nose in, fingers out". Meaning it is the board's job to question, not do management's job.
I'm sure some bank boards must approve some larger loans, just as any business board would want final say-so on investing in a new line of business.
Having "directors ... in place merely due to the obligation of having a board of directors" is definitely NOT a healthy situation.
Edited by KDD 4/11/2024 09:10
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Stamp and Boerson
