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The primary objective of this paper is to understand how the main roles of the board of directors relate to one another conceptually and empirically as well as to test the continued relevance of some of the key assumptions underlying agency theory and resource dependence theory. Specifically, the paper investigates how board roles shape corporate responses to shareholder activists. Shareholder activism provides a unique context since corporate governance and social policy resolutions present very different challenges to the board of directors. As a result, it will be possible to discern the board roles that are the most useful for predicting board responses when firms face different kinds of issues. Following previous research (e.g. Hillman & Daziel, 2003; Villers, Naiker & Van Staden 2011), we investigate whether the board characteristics that represent the board’s monitoring role or its provision of resources predict …