The establishment of the mission, objectives and goals of the University. This is a specific responsibility of the Board, which ought not to be lightly taken. The mission establishes the role or mandate of the University, and ought to be reviewed by the Board, on at least an annual basis. The goals are long term matters, which the Board wishes the University to achieve over a period of time, while objectives represent shorter-term matters.
Selecting, appointing and, if necessary, terminating the President. The importance of this particular duty has been discussed in the previous sections. The President is the Chief Executive Officer of the University, and the Board has entrusted to the President the role managing the University's operation, accordingly the relationship between the Board and the President is of significant importance and underlies one of the important duties of the Board.
The establishment of Policy. Once again this matter has been dealt with quite extensively in the previous sections, and the importance of the Board maintaining its duty and role of establishment of policy cannot be sufficiently emphasized.
The purchasing, construction and maintenance of the physical plant of the University. These are matters about which the Board ought to have significant concern. It is required to establish policies to provide guidelines to the administration with respect to the physical property of the University. However, the ultimate responsibility for its property is vested in the Board of Governors.
The management of the financial resources of the University. It goes without saying that the financial element to the operation of the University is of a significant concern to the Board of Governors. It carries out this responsibility through the establishment of annual budgets, review of those budgets and, of course, receipt of the audited statements of the University. Further, it is required to manage the investments of the University, which it does through policy, and through the receipt of reports as to the administration's management of the resources of the University.
Ensuring that the members of the Board are knowledgeable of their roles and duties, the mission, objectives and goals of the University, the organization and structure of the University and the programs and courses offered by the University.
The particular duties, which have been referred to in this section, represent a few of the duties required of a Board.