17. Other Interested Parties Source:- Sheridan and Kendall, 1995 Internal Organisation And Management Subsidiary Boards The ‘external’ parties The ‘internal’ parties EU Commission Government Consumerists Employees Trade Unions Customers Good Practice Trade Associations Local Communities Suppliers Business Partners The Financial World The Media Environment- alist Lenders Of Money
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22. The Board Accountability To the company To Owners To regulators and legislators To Stakeholders Ensuring Directorial Audit Policy Formulation Stating Purpose Creating Vision and Values Developing corporate climate Monitoring the external environment Strategic Thinking Market Positioning Setting corporate direction Reviewing resources Setting implementation processes Supervising Management Performance Management Budgetary Control Review of key business results Organisational capability SHORT TERM LONG TERM Operations Review Cycle INTERNAL EXTERNAL Governance Review Cycle Strategy Review Cycle Responsibilities of the Board