What is the role of the Board of Directors according to the Revised Corporation Code?

The role of the Board of Directors, as outlined in the Revised Corporation Code, is fundamentally about governance and oversight of the corporation. This means that their primary responsibility is to manage the corporation by setting strategic direction and making key decisions that align with the company's long-term goals. They are tasked with ensuring that the company operates in a manner that is consistent with its mission and complies with legal and regulatory requirements.

In this context, the Board does not engage in the day-to-day operational tasks, which typically fall under the purview of executives and management teams who handle the implementation of the Board's strategies. Similarly, while the Board may have input on asset management, their role is not specifically to sell company assets unless such a decision aligns with broader strategic goals. The misconception of the Board as a primary sales team does not accurately reflect its governing responsibilities and the strategic leadership it provides to the corporation. Overall, the Board is crucial in guiding the corporation rather than managing it on a daily operational level.