When it comes to setting the business strategy for a company, who has the final say - the CEO or the Board? This is a question that often comes up in businesses, especially when there is a disagreement between the two parties.
While the CEO may have a vision for where they want to take the company, it is ultimately up to the Board to approve or reject any proposed changes. In some cases, the Board may even override the CEO’s decisions.
Nonetheless, the CEO is responsible for developing and presenting the strategy to the board and is then responsible for its execution. The board may provide input and feedback on the strategy, but it is ultimately up to the CEO to make sure that it is carried out effectively.
In contrast, the board of directors does approve or reject the strategy. The role of the board in strategic planning includes identifying priorities and establishing goals and objectives, finding resources, allocating funds, and determining how to allocate money to support those decisions. The board is also responsible for monitoring the execution of strategic plans.
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