In the wake of the financial crisis, calls for enhancing the role of the board of directors have grown louder both domestically and internationally. Most existing studies related to corporate governance have focused on identifying the legal, institutional, and operational causes preventing boards from fulfilling their originally expected roles and on proposing measures for boards to function properly. However, while domestic research has primarily focused on compliance monitoring, there are few studies that address the shortcomings of strategic engagement (i.e., enhancing performance through strategic direction-setting and management oversight)—another core element of governance—and prescribe remedies. This study serves as a catalyst to raise interest in business governance (i.e., performance) and to spur subsequent research on the necessity and methods of strategic engagement, with the purpose of proposing solutions to address the shortcomings of strategic engagement in boards both domestically and internationally. Based on domestic and international literature on the necessity and usefulness of board strategic engagement, this study proposed strategic performance management models such as the strategic scorecard and the board BSC (Balanced Scorecard), along with regular board self-assessments, as solutions. A BSC-based strategic review system not only addresses the information deficit of outside directors but also provides an opportunity for the board to fulfill its inherent responsibilities through in-depth discussions on corporate strategy and overall operations. Meanwhile, self-assessments that prompt the board to ask how it can contribute to the company's overall effectiveness lead the board to pay more attention to long-term strategy and to pursue better governance, including the search for strategic director appointments. It is recommended that the board proactively select and utilize non-financial indicators useful for strategic review and self-assessment, and that in the early stages of self-assessment, a balanced use of a small number of key input, process, output, and final outcome indicators is desirable. For future research, surveys on the perception gap regarding the necessity of strategic engagement among domestic CEOs and outside directors are recommended.