Having enough said about corporate blogging strategy I am not going to get into details what is a corporate blog and why your company needs one. Maybe it doesn't. But about 90% of corporate website have "About Us" section. What do you put there? Some basics like company's history, press releases, job openings, maybe executive bios for larger companies. I have seen photos, company's culture, the list of good deeds like sponsorships and donations, employees benefits and investor relations for publicly traded businesses.
Most likely they all be separate static pages. Sounds like a good all school of a "proper website set up".
Will it ever change? Can all the mentioned above find a home at the corporate blog? One of my favorite examples is Omniture Blog maintained by Matt Belkin. This blog is full of helpful information and tips on web analytics. I actually find it more informative than all copy they have on the website.
Another great example is CEO who blogs Jonathan Schwartz . This blog goes way beyond boring dry press releases and truly keeps the hand on company's pulse.
So does your CEO blog? Do you have enough news to post something about company's live at least weekly? In this case corporate blog is your new "about us" section.