The board of directors is legally responsible for setting the strategic direction of the firm and for ensuring the firm's long-term performance in almost all governance environments. However, many boards delegate the task of creating and executing the firm's strategy to a group of full-time professional managers. This separation between ownership and control creates many challenges for the modern-day firm, and the board's role in the strategy formation process is arguably the seminal governance challenge confronting boards today. Board Involvement in the Strategic Decision Making Process: A...