The primary responsibilities of the board of directors, also known as the management board, are: the proper management of the company and the timely and accurate drawing up of its financial statements. If the board of directors fails to fulfill these responsibilities, the individual directors may be held jointly and severally liable for the damage the company suffers. In case of bankruptcy, this may also apply to the damage the creditors of the company suffer. In addition to the aforementioned responsibilities, the board is in charge of determining the strategy and the (external) representation of the company. In this capacity, the board and the individual directors are authorized to bind the company.