The five key responsibilities of the board of directors in corporate governance are:

1. Strategic Direction & Leadership:

   • The board is responsible for setting the company’s strategic objectives and ensuring alignment with the organisation’s purpose, vision, and mission.
   • It should oversee the implementation of strategies to ensure sustainable growth and value creation.
   • Example: BOGML’s board must set clear strategic goals regarding its expansion into Tanzania and South Africa.

2. Risk Management & Internal Controls:

   • The board must establish robust risk management policies and ensure an effective system of internal controls.
   • It should oversee the identification, assessment, and mitigation of key business risks.
   • Example: The board should ensure BOGML adopts a risk management framework to address financial and operational risks.

3. Compliance & Legal Responsibilities:

   • The board must ensure that the company adheres to legal and regulatory requirements.
   • It should maintain policies that promote corporate integrity and accountability.
   • Example: BOGML must comply with industry regulations and corporate governance laws in Ghana and other operational markets.

4. Ethical Leadership & Corporate Culture:

   • The board must promote an ethical corporate culture by setting a tone at the top.
   • It should implement policies on ethical conduct, conflict of interest, and corporate social responsibility.
   • Example: BOGML’s board must enforce ethical leadership practices and ensure fair treatment of employees and stakeholders.

5. Stakeholder Engagement & Communication:

   • The board is responsible for maintaining transparent communication with shareholders, employees, regulators, and other stakeholders.
   • It should ensure that stakeholders’ interests are considered in decision-making.
   • Example: BOGML must engage with key stakeholders to build trust and sustain business success.