MinisterRoseMoose22
Proofread and change so it explains the relationship between the…
Proofread and change so it explains the relationship between the board of directors and corporate officers at Rite Aid corporation.
Relationship between the Board of Directors and Corporate Officers
The board of directors plays a critical role in representing the companies they act in the shareholders
The board of directors is responsible for formulating policies that govern a corporate; they set a company’s goals and develop a strategic direction. They appoint and evaluate senior executives and assess the company’s financial health, compliance with regulations, and overall performance (Gutterman, 2023).
The corporate officers who are seniormost officials in a corporate are responsible for executing operations executed by the board of directors.
They ensure that resources are managed effectively. They make operational decisions to attain the organization’s goals or objectives.
These two stakeholders’ relations are built on collaborations to balance the company’s strategic oversights and execution of operations to attain a common goal.
Analysis
The composition of the Board of directors can define good cooperative governance.
From the strategic Audit of the Rite Aid report, only one insider sits on the board, which is very healthy for the company.
According to Hopt & Leyens (2021), corporate governance systems across the US and UK have demonstrated that systems with diverse and more outside members have shown to be powerful.
Company growth has attained 6 acquisitions to help with its growth spending over $2.31 billion.
This strategy aims to tap a broader scope of markets and capitalize on global market opportunities.
To gain a competitive aspect in business, they have differentiated their brand to make them outstanding.
Additionally, this uniqueness has enhanced consumers’ recognition of company brands and promoted customer loyalty.
The strategy of Rite Aid’s to foster synergy and make strategic investments is a critical strategy of maximizing the efficiency of their operations, enhancing their products and brand with the overall goal of achieving long-term growth.
The strategy of fostering synergy involves critical evaluations in seeking opportunities where combined efforts can create better company outputs, and this is one of the core objectives for corporate development (Bauer & Friesl, 2022)
In terms of policing, the company prioritized quality over cost reduction, effectively maintaining its excellent reputation in delivering its products to its clients.
Another policy for better outcomes for the company is through internal promotions to promote the employee’s growth and raise a task force that is motivated and very dedicated to institutional knowledge retention.
A strategy of policing for extensive research and developments in assessing markets promotes Rite Aid’s success and business sustainability’s. Queensland Government (2018) suggest that this strategy is highly associated with healthy product development and reduced market risks.
Generally, the company’s strategy of limiting the inside population on its board supports transparency. It ensures that the interests of the shareholders are addressed in a manner that eliminates the conflict of interest.
