Which of the following responsibilities typically falls to the board of directors?

The responsibility of approving the financial statements is a fundamental duty of the board of directors. This critical task ensures that the financial reports accurately reflect the company's financial position and performance, adhering to relevant accounting standards and regulations. By reviewing and approving the financial statements, the board acts as a guardian of the company's finances, signifying its commitment to transparency and accountability to shareholders and other stakeholders.

The board's oversight role encompasses more than just this approval; it also involves ensuring that robust internal controls and risk management processes are in place. This helps maintain the integrity of financial reporting and builds stakeholder trust.

While management of day-to-day operations is typically the responsibility of company executives, and handling investor relations usually falls under the purview of the management team or designated officers, the board focuses on governance, strategy, and overall oversight of the company’s affairs. Electing auditors is indeed a responsibility of the board, but it is closely tied to the approval of financial statements since auditors evaluate those reports' accuracy and fairness. However, the direct act of approving the financial statements remains an essential, distinct responsibility.