"The board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization..."
The governing body responsible for overseeing the management and direction of a corporation. Topics include board composition, roles and responsibilities, and decision-making.
Corporate Governance: The overall framework of rules and practices by which a company is directed and controlled, including the relationship between the board, management, and shareholders.
The Board of Directors: The group of individuals responsible for overseeing the strategic direction and management of a company, including setting policies, making key decisions, and selecting executives.
Roles and Responsibilities of the Board: The legal and ethical duties of directors, including acting in the best interests of the company, exercising due care and diligence, and avoiding conflicts of interest.
Board Composition and Selection: The best practices for selecting board members, including the ideal number and composition of directors, their experience and expertise, and their independence from management.
Board Committees: The sub-groups of directors responsible for overseeing specific areas of the company, such as audit, compensation, and nominating and governance committees.
Board Meetings and Decision-Making: The processes and protocols for conducting board meetings, deliberating on key issues, and making decisions.
Board Evaluation and Succession Planning: The methods for evaluating the performance of the board and its members, and planning for the recruitment and selection of new directors.
Shareholder Rights and Engagement: The legal and practical considerations surrounding shareholder rights, communication, and engagement with the board.
Corporate Social Responsibility and Ethics: The board's role in ensuring that the company behaves in an ethical and socially responsible manner, and the best practices for integrating these considerations into decision-making.
Risk Management and Oversight: The board's responsibility for identifying, assessing, and managing risk in the business, and ensuring effective oversight of this process.
Executive Board of Directors: This type of board is made up of executives who are responsible for the overall management of the company. They are typically made up of the CEO, CFO, and other top executives.
Non-Executive Board of Directors: This type of board is made up of individuals who do not hold executive positions within the company. They are typically selected for their expertise and experience in specific areas, such as finance, marketing, or legal matters.
Independent Board of Directors: This type of board is made up of individuals who do not have any business ties to the company. They are often selected for their industry expertise, objectivity, and ability to provide a fresh perspective on the company's strategy and operations.
Advisory Board of Directors: This type of board is not a formal governing body, but rather a group of individuals who provide advice and guidance to the executive team. They typically have specific expertise or connections that can be leveraged to help the company achieve its goals.
Founder's Board of Directors: This type of board is made up of individuals who have a close relationship with the company's founder(s). They are often friends, family members, or early investors who have been with the company since its inception.
"...which can be either a for-profit or a nonprofit organization such as a business, nonprofit organization, or a government agency."
"The powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law) and the organization's own constitution and by-laws."
"These authorities may specify the number of members of the board, how they are to be chosen, and how often they are to meet."
"In an organization with voting members, the board is accountable to, and may be subordinate to, the organization's full membership, which usually elect the members of the board."
"In a stock corporation, non-executive directors are elected by the shareholders..."
"...the board has ultimate responsibility for the management of the corporation."
"In nations with codetermination (such as Germany and Sweden), the workers of a corporation elect a set fraction of the board's members."
"The board of directors appoints the chief executive officer of the corporation..."
"The board...sets out the overall strategic direction."
"In corporations with dispersed ownership, the identification and nomination of directors (that shareholders vote for or against) are often done by the board itself..."
"In a non-stock corporation with no general voting membership, the board is the supreme governing body of the institution..."
"...and its members are sometimes chosen by the board itself."
"The board of directors...supervises the activities of an organization."
"The powers, duties, and responsibilities of a board of directors are determined by government regulations and the organization's own constitution and by-laws."
"...the board is accountable to, and may be subordinate to, the organization's full membership, which usually elect the members of the board."
"Non-executive directors are elected by the shareholders..."
"...the board has ultimate responsibility for the management of the corporation."
"The identification and nomination of directors...are often done by the board itself..."
"The board is the supreme governing body of the institution."