a. Describe the five key responsibilities of the board of directors of a company. Why are each of these responsibilities important to the operation of the organization as a whole?

b. Discuss important related concepts, such as establishing corporate objectives, determining strategies to reach those objectives, providing leadership, supervising management of the business, and reporting to shareholders on the status and operations of the business.

c. Discuss why these responsibilities of the board of directors may be more important for a public corporation than for a privately held company.