Leadership Framework：Each company’s executive board should be responsible and involve in the long term success of the organization. The division of the responsibilities should be clear among the board for both its running as well as the running of the firm’s business. The decision taking authority should not be only one individual. The Board Chairman should effectively manage and handle the board. The non-executive directors should help in formulating the strategies and should carry out their responsibilities.
Effectiveness & Efficiency of Board of Directors：The requisites of the board and its committees are the appropriate skills, relevant experience, and independence along with the information of the company which helps it to carry out its responsibilities effectively towards the growth of the company. The director appointment procedure to the board should be transparent, formal and rigorous. Sufficient time should be given by the Directors to the company for a steady growth. An induction should be carried out for new directors to give the information and they should update and review their skills time to time. Information should be given to the board which should be proper and sufficient enough to enable the board to carry out its duties. Each committee, director and the board itself should carry out a strict annual evaluation of the work done for self-assessment. Depending on the performance of the individual director, they should be considered for re-election.(Easterbrook et al.,2013)
Accountability for easy alignment：The company’s position along with the prospects should be assessed in a fair, stable and understandable manner. The board responsibility includes setting up the strategies and the risks which are involved in achieving it. The internal control systems and the risk management system should be duly controlled by the board. The relationship to be maintained with the firm’s auditors should also be controlled by the board by having a formal and transparent process for the corporate reporting, its risk management and the internal control formula. (Easterbrook et al., 2013)