What are the functions and responsibilities of the governing board of a healthcare corporation?

Please help reply to this discussion post posted below...thank you!

The governing board of a healthcare corporation has four major functions. They include developing policy and strategic plans, appointing senior administration and medical staff members, delineating clinical privileges, and overseeing the professional performance of lay administrators and the medical staff. Given these functions, a primary responsibility of the governing board is that of oversight. This is an important responsibility because it is their obligation to ensure that the policy and strategic plans that they have developed and set in motion are being implemented appropriately and that those individuals whom they appointed to manage the day-to-day operations of the organization are doing so effectively.