Stead & Stead (2014, 233-234) list five functions of a Board of Directors.

1. they are responsible for overseeing the strategic direction of the firm.
2. They are responsible for auditing the financial performance of their firms, including being responsible for ensuring that the audited financial statements represent a true and accurate picture of the firm. This is essentially their watchdog role.
3. They are responsible for the selection and succession of CEOs as well as the determination of CEO pay. If the CEO loses their confidence, they are responsible for replacing him/her.
4. They are responsible for assessing risks and developing strategies that mitigate risks.
5. They are responsible for ensuring the ethics and legality of the firms activities, thus building and preserving reputational capital

Who serves as the equivalent of a board of directors independent of your current employer for your career? How well are they doing?