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Boards at WorkHow Directors View their Roles and Responsibilities$
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Philip Stiles and Bernard Taylor

Print publication date: 2002

Print ISBN-13: 9780199258161

Published to Oxford Scholarship Online: January 2010

DOI: 10.1093/acprof:oso/9780199258161.001.0001

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The Institutional Role of the Board

The Institutional Role of the Board

(p.86) 6 The Institutional Role of the Board
Boards at Work

Philip Stiles (Contributor Webpage)

Bernard Taylor (Contributor Webpage)

Oxford University Press

There is a strong theoretical tradition concerning the role of the board of directors in helping to acquire critical resources and serving as a legitimating function for organisations. The major resource that boards of directors facilitate access to is capital. Securing and maintaining investment to the organisation are extremely important for the survival and competitiveness of the firm. This chapter describes the institutional role of the board, focusing on how the board builds links with key investors and shareholders as well as stakeholders and how the institutional investors themselves conceive of the relationship. It also looks at the role of non-executive directors and how their contacts and boundary-spanning can feed into the strategic process. The annual general meeting is nominally the main forum for shareholders to meet with directors of the company. The most common source of corporate information for shareholders is the annual report.

Keywords:   boards of directors, institutional role, investment, institutional investors, non-executive directors, private investors, annual general meeting, annual report, shareholders, stakeholders

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