Boards are the owners of the company strategy. Different organizations will do it slightly differently but ultimately the Boards are responsible. In some companies the board sets the strategy, in others the CEO does, and in others it is done jointly:

What is strategy? defines it as follows:

“A business strategy is an outline of the actions and decisions a company plans to take to reach its goals and objectives. A business strategy defines what the company needs to do to reach its goals, which can help guide the decision-making process for hiring as well as resource allocation.”

I like to think of a strategy as setting the direction for the next period to achieve the goal with several different “initiatives” associated with it.