The responsibilities of the board of a company as set out in modern governance standards include:

• providing entrepreneurial leadership of the company within a framework of prudent and effective controls which enables risk to be assessed and managed;
  
  
• setting the company's strategic aims;
  
  
• ensuring that the necessary financial and human resources are in place for the company to meet its objectives;
  
  
• reviewing management performance;
  
  
• setting the company's values and standards; and
  
  
• ensuring that its obligations to its shareholders and others are understood and met.
  

The Guildhall approach to the development of strategy embeds good risk management and governance practices into management frameworks in order to support these aims.