Board Of Directors

A group of individuals selected, usually at an annual meeting, by the shareholders of a corporation and empowered to carry out duties as spelled out in the Corporation's charter.

A board's activities are determined by the powers, duties, and responsibilities delegated to it by the charter and bylaws. The bylaws commonly specify the number of members on the board, how they are to be chosen, and when they are to meet.

Some typical duties of boards of directors include: establishing broad policies and objectives; providing adequate financial resources; approving annual budgets; and accounting to the stakeholders for the organization's performance.