Draft a set of bylaws for your corporation detailing the structure, positions and responsibilities of the board of directors for your company. To build better boards, CEOs, lead directors, and board members themselves can work to: Create a climate of trust and candor.It is the duty of the Board of Directors to serve as a prudent fiduciary for shareholders and to oversee the management of the Company's business. Board of directors in nonprofits, corporate and private organizations have certain functions, roles and legal responsibilities. The members of the board of the Wayne Economic Development Corporation (the. A board of directors governs an organization. Today's Michigan Central will bring collaboration, innovation and community together to create new technology and opportunities for Detroiters and Michiganders.