Has the Board lost it's importance in the corporate world?

It seems that SMRT has appointed an executive committee (exco) to assist the Board in making decisions. Personally, I think this reflects badly on SMRT.

The Board usually convenes due to circumstances that require their attention. It may be a big purchase decision, or matters that are of high importance to the organization.

SMRT, by appointing an exco, seems to aim to bypass the Board for certain decisions. If the matter is of great importance and requires urgent attention, all the more the Board should hear it as it will definitely impact the organization. Moreover, if the matter requires urgent resolution, it does show a lack of planning and risk management.

Can a listed company bypass the Board in this manner?