> The board of directors sets the strategy for the firm. I have never seen this be the case, though I can only speak for start-ups and early post-IPO eras. Th

> The board of directors sets the strategy for the firm. I have never seen this be the case, though I can only speak for start-ups and early post-IPO eras. The board provides oversight over the CEO and other executives responsible for planning in the organization. They review quarterly earnings and other financials, and provide feedback and thoughts on what the company wants to do in the subsequent planning period (which is driven by the CEO, not the board). Usually the board and leadership team meet only once a quarter, with the occasional call in-between (but otherwise very little face time). More often than not the board's influence is in asking questions that help the CEO and leadership team better flush out their plan, pointing out potential issues or bringing up topics of discussion that may not have been considered. Maybe a board member has experience in something on your roadmap, or knows someone/company/product that can help. Maybe they feel very strongly for/against something, so you commit to getting back to them with your thoughts/plan of actions after doing some more due diligence. Maybe they think you want to spend too much on a new initiative next year, and want to see a revised forecast that bakes in a more conservative approach. Boards have say in executive compensation & equity grants, but rarely otherwise seem them get involved in financials. Usually they have their own financial analyst look over your data, and ask a lot of uncomfortable questions you don't currently have answers to that you maybe get embarrassed about when you finally do figure it out. In rare circumstances, the board may have negative or lukewarm feelings about what's presented and the CEO may decide to revise that plan, but it really depends on the CEO. New CEO's may be more likely to buckle to board pressure/suggestions than an experienced CEO. I've seen it both ways (usually the CEO doesn't want to hurt future fundraising and may acquiesce more readily). At the end of the day, it's the CEO leading strategy with the board providing a "first right of refusal/you're crazy" role.