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As 'the board' is a unit the correct pronoun is "its".
There are two different schools of thought here.

UK English views "the board of directors" as being

comprised of individuals, therefore use "are".

US English views "the board of directors" as being

a singular unit and therefore uses "is".

That's as close as I can come, as it's been WAY

too many years since I actually remembered all this stuff.

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15y ago

What else can I help you with?