Which term best describes the collective obligations of a board overseeing a corporation?

The term that best describes the collective obligations of a board overseeing a corporation is governance. Governance refers to the framework of rules, practices, and processes by which a board directs and controls an organization. This includes making strategic decisions, setting policies, ensuring accountability, and guiding overall direction to achieve the corporation's objectives.

Governance emphasizes the responsibilities of the board members collectively, highlighting their role in safeguarding the interests of stakeholders, including shareholders, employees, and the community. It encompasses the systems and relationships that ensure the company is managed properly and operates in compliance with relevant laws and regulations.

While management pertains to the day-to-day operations and decision-making within the organization, governance is distinct in that it focuses on high-level oversight and strategic guidance rather than execution. Policy making, on the other hand, is a component of governance, as boards establish policies within their governance framework, but it does not encompass the full responsibilities of the board. Oversight, while sharing some similarities, mainly refers to the specific act of monitoring and reviewing management decisions, which is only a part of the broader governance role.