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Section 5 board of directors and committees. The boot serves as the link between shareholders and managers and acts as the shareholders monitoring tool within the company. We have three subsections here: 5.1 deals with the composition of the board of directors, 5.2 talks about the functions and responsibilities of the board and 5.3 deals with the various committees. Composition of the board of directors. The first point here is that there is no optimal globally accepted standard structure. By and large the ideal board is one that adequately represents the shareholders and in a good board there should be a mix of expertise, backgrounds and competencies. So there should be people on the board who understand the technical aspects of the company. There should be people who understand finance and accounting. There should be people who can help drive the companys strategy. So in essence when we have people with different backgrounds and competencies, they can ensure that an optimal strateg