Generally, the role of a board of directors is to set policy and the role of the administration is to execute it. Here is the basic distinction as set forth by the National School Boards Association. Policies are principles adopted by a board to chart a course of action. They tell what is wanted and may include also why and how much.
Regulations are the detailed directions developed to put policy into practice.
They tell how, by whom, where, and when things are to be done. These definitions are serviceable most of the time. They reflect sound theory of government and administration. But the real world does not always conform. A board also signs many contracts and agreements that incorporate rules and regulations.