In the strategy-making, strategy-executing process, effective corporate governance requires a company's board of directors to Group of answer choices review and approve the company's business model and also review and approve the proposals and recommendations of the CEO as to how to execute the business model. work closely with the CEO, senior executives, and the strategic planning staff to develop a strategic plan for the company and then oversee how well the CEO and senior executives carry out the board's directives in implementing and executing the strategic plan. oversee the company's strategic direction, evaluate the caliber of senior executives' skills, handle executive compensation, and oversee financial reporting practices. provide guidance and counsel to the CEO in carrying out his/her duties as chief strategist and chief strategy implementer. play the lead role in forming the company's strategy and then directly supervising the efforts and actions of senior executives in implementing and executing the strategy.