The Role of the Board of Directors of IRA
The board of directors, including the general manager or CEO (chief executive officer), has very defined roles and responsibilities within IRA Company. Essentially it is the role of the board of directors to hire the CEO or general manager of the company and assess the overall direction and strategy of the company. The CEO or general manager is responsible for hiring all of the other shareholder and overseeing the day-to-day operation of the company. Problems usually arise when these guidelines are not followed. Conflict occurs when the directors begin to meddle in the day-to-day operation of the company. Conversely, management is not responsible for the overall policy decisions of the IRA Company.
The board of directors will selects officers (Team) for the board of IRA. The major office is the chair (Chief executive officer) of the board. Next there is a vice-chair (Chief operating officer) who serves in the absence of the CEO. These positions will be filled by board members of IRA company (Shareholders). A secretary and treasurer or combined secretary/treasurer is a next postion of IRA company leadership. These positions focus on very specific activities and may be filled by electing someone who is serving on the board of directors or appointing someone who is not a member of the board of directors. The selection process is often based on who is willing and who is the most qualified, although seniority may come into play on the company.
The six points below outline the major responsibilities of the board of directors.
1) Recruit, supervise, retain, evaluate and compensate the manager.
Recruiting, supervising, retaining, evaluating and compensating the CEO or general manager are probably the most important functions of the board of directors. Value-added company boards need to aggressively search for the best possible candidate for this position. Actively searching within the company can lead to the identification of very capable people. Board of Directors will not fall into the trap of hiring someone to manage the company because he/she is out of work and needs a job. Shareholder with lager amount IRAS than the others will have the first priority to be nominated compensating the CEO
2) Provide direction for the organization.
The board has a strategic function in providing the vision, mission and goals of the IRA Company. These are often determined in combination with the Chief executive Officer of the IRA Company.
3) Establish a policy based governance system.
The board has the responsibility of developing a governance system for the Company. The articles of governance provide a framework but the board develops a series of policies. This refers to the board as a group and focuses on defining the rules of the group and how it will function. In a sense, it’s no different than a club. The rules that the board establishes for the company should be policy based. In other words, the board develops policies to guide it own actions and the actions of the manager. The policies should be broad and not rigidly defined as to allow the board and manager leeway in achieving the goals of the IRA company.
4) Govern the organization and the relationship with the CEO.
Another responsibility of the board is to develop a governance system. The governance system involves how the board interacts with the Chief executive officer (CEO). Periodically the board interacts with the CEO during meetings of the board of directors. Typically that is done with meetings three to four times a year. In the interim between these meetings, the board is kept informed through phone conferences or postal mail.
5) Fiduciary duty to protect the company assets and member’s investment.
The board has a fiduciary responsibility to represent and protect the member’s/investor’s interest in the company. So the board has to make sure the assets of the company are kept in good order. This includes the company’s plant, equipment and facilities, including the human capital (people who work for the company.), IRA-platform and Diligence Token
6) Monitor and control function.
The board of directors has a monitoring and control function. The board is in charge of the auditing process and hires the auditor. It is in charge of making sure the audit is done in a timely manner each year.
A board of directors of IRA is a collection of individuals trying to operate IRA Company determined by their IRAS Token. Any individual from East Africa nation’s owing IRAS is considered as the Member of board of directors and the owner of IRA Company
The board of directors IRA Company will use the model is of a proactive board that speaks as one voice. It speaks as one voice for the board and often has a proactive manager that also speaks with one combined voice for the company