List the functions that the board of directors of a corporation must perform as specified by the Revised Model Business Corporations Act (RMBCA)

What will be an ideal response?

Recognizing that most directors are not going to become involved in daily corporate affairs, the RMBCA in its statement on the role of the board of directors says merely that the corporation shall be managed "under the direction of" the board. This provision does seem to make it clear, however, that the directors are expected to function at least as overseers and policy makers. In this role, the board of directors generally must authorize or approve: 1. the payment of dividends, changes in financing, and other capital changes; 2. the selection, supervision, and removal of officers and other executive personnel; 3 . the determination of executive compensation and pension plans; 4. the adoption, amendment, or repeal of the corporate bylaws; and 5. the establishment of policy regarding products, services, and labor relations.