Accounting

The board of directors has various roles and responsibilities in the petrochemical industries in Saudi Arabia. There are several activities which are carried out in organizations. It requires some management to oversee all the activities done in a company. Petrochemical industries in Saudi are managed and controlled by board of directors. It is the mandates of the board of directors to control the various activities carried out in an organization. Board of directors may acquire different titles depending on the organization. These include board of governors, board of trustees amongst other titles. The authority of the petrochemical industries determines the responsibilities of the board of directors (Porter, 2002). The duties and the powers delegated to the board of directors are also determined by the authority. There are bylaws which control the activities carried out in an organization. The bylaws covering an organization determine the manner in which the board of directors operates. This includes determining the meeting schedules as well as the number of people to be included in the board of directors. The manner in which board of directors are elected is also defined by the law.

    The board of directors presents the organizations mandates during inter organizational forums. The members of the board of directors are normally by the shareholders as put in the organizations bylaws. The board of directors is entitled to various duties which are defined under the bylaws.

    The board of directors is answerable to maintaining the cash flows in the organization. Adequate financial resources can be maintained in an organization if there is a reliable board of directors. Organizations budget is overseen by a board of directors. It is the responsibility of the board of directors to evaluate and approve the companys budget. The board of directors is also entitled to governance of the petrochemical industries. An organizations governance can be assured by setting company objectives. The board of directors is also responsible in establishing governing policies. There are policies which govern the petrochemical industries. These policies are set and formulated by the board of directors as laid by the organizations bylaws. The objectives of an organization are formulated by the board of directors. The board of directors is responsible for evaluating the performance of an organization (Cuervo, 2008).  The board of directors is responsible for relaying information about the organizations performance. The performance of an organization should be revealed to the stakeholders during scheduled meetings. It is the responsibility of the board of directors to monitor departmental performance. The board of directors is concerned within filling vacant position of the chief executive.

    Petrochemical industries in Saudi Arabia have some history in which case the board of directors is the major determining factor for the success of the petrochemical industries. Most of the petrochemical industries produce naphtha and natural gas as feedstock. The petrochemical industries produce natural gas such as butane, ethane, and natural gas amongst other natural gases. Petrochemical industries produce various chemicals and fertilizers.  The petrochemical industries in Saudi Arabia have been successful. Saudi Arabia has been a major target of petrochemical industries. The board of directors of these industries has worked tirelessly to ensure excellent records.  The Saudi Arabia petrochemical industries have been successful due to the laid plans by the Saudi Basic Industries Corporation which manages the petrochemicals. Saudi Arabic Industries Corporation serves as a board of directors (Imle, 1999).

This body has been involved in setting the objectives of the petrochemical industries. They have set petrochemical industries in Germany and Netherlands. The performance of the petrochemical industries has been successful under this umbrella. The board of directors has been in the forefront in ensuring success. The work of the board of directors include maximizing on the available opportunities by investing heavily in petrochemical industries. The products of the petrochemical industries in Saudi Arabia have been widely accepted within the global markets (Schwartz, 2006). This has been as a result of the work of the board of directors of ensuring high quality products thus improving organizations performance.

    There are several factors which determine the responsibilities of board of directors.  These include the available opportunities, the financial resources of an organization, the global markets. The work of the board of directors in defined in the bylaws of an organization. These bylaws dictate the objectives of an organization. Other factors which determine the manner in which the board of directors should execute its duties include competition forces. The powers and control in the board is held by authority (Mueller, 1999). The bylaws governing an industry hold the powers and control in the board. The roles and responsibilities of the board of directors are defined in the bylaws.

    In conclusion, the board of directors has various responsibilities and roles. These include evaluation and analysis of the company budget, governing the various activities in an organization and accounting the companys performance. These duties and responsibilities are defined in an organizations bylaws. The responsibilities and duties of board of directors vary from one company to another. The factors which define the manner in which the board of directors carry out their work include companys objectives. Petrochemical in Saudi Arabia have successful due to the devoted board of directors.