The term Peter uses appears numerous times in the Septuagint (the Greek translation of the Old Testament) to describe how God looks over (the literal meaning of the term) his people to see what they need, as a good shepherd must do (see Deuteronomy 11:17; Ruth 1:6; Psalm 80:14). As a result of his seeing/visiting, the Lord may give prosperity or punishment (Exodus 32:34; Jeremiah 11:22; for the New Testament, see Luke 1:68; Luke 7:16; James 1:27). Now it is the elders who need to watch the flock intently and act upon what they see so that the flock together and the sheep individually receive what they need, be it binding up the injured or pulling back the straying (Ezekiel 34:16). Note: Peter does not see exercising oversight (i.e., being an overseer) as a task different from shepherding, but sees it as part and parcel of shepherding. See also 1 Peter 2:25, where both terms are used of Jesus Christ, with each term giving added colour to the other.
2 shepherd the flock of God that is among you, exercising oversight, not under compulsion, but willingly, as God would have you; not for shameful gain, but eagerly;