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The role of executive directors is best defined by their responsibilities in strategic management and their position as board members. Executive directors are typically members of the company's board and have a dual role; they not only participate in the governance of the organization but are also directly involved in the day-to-day operations and decision-making processes.

Strategic management refers to the formulation and implementation of long-term decisions that shape the direction of the organization. Executive directors are integral to designing and executing corporate strategies, ensuring that the company meets its objectives and responds to changing market conditions. Their involvement in both strategic planning and operational management allows them to align the day-to-day operations with the company's long-term goals.

In contrast, other roles mentioned do not encompass the full scope of what executive directors do. Non-executive guidance pertains to non-executive directors who offer oversight and advice without getting involved in daily operations. The development of corporate strategy is a part of what executive directors do, but it is not sufficiently broad to describe their overall function. Financial reporting oversight is primarily a responsibility of the finance director and the audit committee rather than being central to the role of executive directors. Therefore, strategic management and board membership most accurately represent the multifaceted role of executive directors within an organization.