ABSTRACT
This chapter explores the factors that are instrumental in determining what boards are to account for and then to identify actual examples of the things that they need to account for. Accountability is essentially an evaluative concept, in that it evaluates how accountees have performed and whether they have adhered to certain standards. Boards are accountable, for broad matters like the performance of the company, as well as more detailed and specific issues, such as adhering to the company's constitution. Company performance indicates that accountability has tended to focus on accounting for finances and fairness, but it needs to focus more on performance. Boards have always been accountable for risk management that involves understanding and dealing with uncertainty, including both threats and opportunities. The board is accountable for the company's sustainability. Sustainability means managing the company's various types of capital or assets, including financial capital and tangible capital.
