http://www.boardroomnow.info/what-is-the-difference-between-oversight-and-management/
Being on a board can be a huge privilege, but it also carries with it significant expectations and risks. This is why it’s not a role to be entered into lightly–it requires the right set of skills and a complete knowledge of the role directors play in shaping an organisation.
A board is a set of people who manage the company and ensure that it operates lawfully, with its shareholders and stakeholders in mind. They are completely independent of the company’s management and day-to-day operations which allows them to have more strategic decisions on the business.
Among the most critical duties of a board of directors is to ensure that a company operates in compliance with laws, industry standards and ethical guidelines. Board members are also responsible for identifying and managing risks as well as reviewing financial reports and evaluating the performance of executive managers.
Strategic insight: A board can provide a fresh perspective on your business. They can assist you in identifying new markets, address legal issues or offer expertise in finance, marketing or law. These are often areas of expertise that your employees may not be knowledgeable about.