process include

making sure the company has a sound and up$-$to$-$date $5-$year strategic plan, determining the company's

dividend policy, and hiring and firing $($if need be$)$ all senior management executives.

developing the company's business model and advising the CEO as to how best to implement and execute

the business model.

playing the lead role in developing the company's strategy and supervising the efforts of the CEO and other

top executives in implementing and executing the strategy.

critically appraising the company's direction, strategy, and business approaches and evaluating the caliber of

senior executives' strategy$-$making and strategy$-$executing skills.

determining whether the CEO and other senior executives have established an appropriate set of financial

and strategic objectives.