How do company boards contribute?

Abstract

Is the board of directors the heart and soul of a company as it should be, ideally, or merely an 'old boy's club' which rubber stamps decisions taken by the CEO? Can it be a meaningful instrument of corporate governance? Various aspects such as the creation and running of an effective board, the difference between directing and managing, the interface between the board and the CEO, including the public sector perspective on the issue have been discussed by academicians and senior corporate executives.