board of directors

board of directors
/ˌbɔ:d əv daɪ'rektəz/ noun
1. GB a group of directors elected by the shareholders to run a company
The bank has two representatives on the board of directors.
2. US a group of people elected by the shareholders to draw up company policy and to appoint the president and other executive officers who are responsible for managing the company
‘…a proxy is the written authorization an investor sends to a stockholder meeting conveying his vote on a corporate resolution or the election of a company’s board of directors’ [Barrons]
COMMENT: Directors are elected by shareholders at the AGM, though they are usually chosen by the chairman or chief executive. A board will consist of a chairman (who may be non-executive), a chief executive or managing director, and a series of specialist directors in charge of various activities of the company (such as production director or sales director). The company secretary will attend board meetings, but is not a director. Apart from the executive directors, who are in fact employees of the company, there may be several non-executive directors, appointed either for their expertise and contacts, or as representatives of important shareholders such as banks. These non-executive directors are paid fees. The board of an American company may be made up of a large number of non-executive directors and only one or two executive officers; a British board has more executive directors.

Dictionary of banking and finance. 2015.

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