Directors are accountable for the overall governance of a business, and have a fiduciary duty to act in the best interests of shareholders. Boards must also take into account the interests and needs of all stakeholders, including employees customers, suppliers, and employees, as well as investors, communities and other stakeholders. This is referred to as stakeholder management. It’s one of the fundamental principles that drive the ESG (environmental social and governance) movement, which is revolutionizing how businesses are run across the globe.
A board of directors can play a variety of roles within an organization but at its heart it’s a group that works together to accomplish its goals. A well-functioning board can play various roles, such as setting the strategy, providing support and guidance to management, and making sure that the company is operating according to its vision and mission.
In terms of stakeholder engagement, a good board should seek out different perspectives to better be aware of the particular challenges and opportunities the company is facing. Additionally, it must be able to provide clear channels for communication between the board and its stakeholders. This is not only an important aspect of corporate management, but it is essential to build trust between the board and its stakeholders. Stakeholders will be more likely to work with a company that is transparent and transparent in its reporting, as it demonstrates that the board is committed to its responsibilities. Additionally, it can help build a better image for the company and increase long-term valuation.
English 
German