A board of directors, also known as a nonprofit board, is the governing body of a nonprofit. The members of a nonprofit board focus on the high-level strategy, oversight, and accountability of the organization. Nonprofit board members have the legal responsibility to meet the duty of care, the duty of loyalty, and the duty of obedience. Under well-established principles of nonprofit corporation law, a board member must meet certain standards of conduct and attention in carrying out their responsibilities to the organization. They would approve any decision involving significant financial, legal, or tax issues, or any major program-related matter. (Source: Kindfull)

The board of directors in a company are solely responsible for setting the company’s vision and mission, as they ensure that all actions being performed adhere to, and are related to that mission. The directors may also change the vision or mission as needed. All large companies have vision and mission statements, and both are the very first things directors forming a company tend to work on (source: smbceo)