A board of directors is a group that is responsible for an entity regardless of whether the entity is publicly traded (public company) privately owned, privately owned, only open to family members (family company), or tax-exempt (a non-profit corporation). The powers, duties and obligations of the board are heavily governed by the regulations of the government as well as the constitution and by-laws of the organization.
Most presidents and directors are of the opinion that the board's job is advisory, not a decision-making. Management is in charge of the business, while the board offers advice and counsel to management. Outside directors are chosen for their expertise in particular areas of business, and to offer a perspective on the bigger picture that management might not have. Many wise presidents make use of the sources of advice represented on their boards -- inside and outside the formal meetings. They make sure to choose new directors based on their desirable capabilities or areas of specialization.
A classic function of a https://boardroomtoday.net/grants-for-social-enterprise-startups-all-over-the-world/ board is the questioning of management, particularly when there are serious issues with the company or the economy. However, my research revealed that, despite the fact that most presidents claim to want thoughtful questions from directors but they seldom allow them to take place during board meetings. This is particularly true if they feel they are under attack by subordinates who are on the board as well as in attendance at the meeting.