Printer Friendly
Dictionary, Encyclopedia and Thesaurus - The Free Dictionary
3,898,528,944 visitors served.
forum Join the Word of the Day Mailing List For webmasters
?
Dictionary/
thesaurus
Medical
dictionary
Legal
dictionary
Financial
dictionary
Acronyms
 
Idioms
Encyclopedia
Wikipedia
encyclopedia
?

board of directors

   Also found in: Dictionary/thesaurus, Medical, Legal, Acronyms, Encyclopedia, Wikipedia 0.03 sec.
Board of Directors
Individuals elected by the shareholders of a corporation who carry out certain tasks established in the charter.

Board of Directors
A body elected to govern a corporation on behalf of shareholders. Generally chosen to represent both management and shareholder interests, it establishes general policies for the organization, including dividend policies, and hires/fires major executives. It is answerable to shareholders for its decisions. A publicly traded company must have a board of directors.

board of directors
The group of people responsible for supervising the affairs of a corporation. The board of directors generally sets broad corporate policy rather than participating in day-to-day managerial decisions, although selection of the chief executive officer is the board's responsibility. Members are elected by the firm's stockholders and may or may not be stockholders themselves. See also chairman, classified board, inside director, interlocking directorates, outside director, staggered terms.

board of directors

The governing body of an organization,charged with establishing policy and with taking steps to see that the policies are implemented.Except in small corporations or associations, the board typically does not involve itself in day-to-day business activities, those being more properly the role of the president.Many corporations have executive boards with true legal responsibilities,and advisory boards of largely ceremonial function designed to reward contributors,create strategic alliances,or gain expert insights into limited areas on an as-needed basis.

• In the real estate context, a director who acts as a broker in real estate transactions involv- ing corporate property cannot accept a commission unless the board specifically authorizes it, even if the president previously granted the approval and would otherwise have had such authority to hire a third party.

• Lenders have legal limitations on the sizes of loans they can extend to their own directors. Large developers should consider this before accepting board positions.

• The board of directors in a cooperative apartment enjoys tremendous power in the approval of new members and in decisions to evict current members.

• The board of directors of a condominium association is charged with making sure the community always has adequate insurance. Because of the shared nature of ownership in the common areas, inadequate insurance could result in the imposition of liability on individual unit owners for an accident in a common area. Failure to maintain the proper level of insurance could subject board members to liability.



Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content.
?Page tools
Printer friendly
Cite / link
Feedback
Add definition
Mentioned in?   Financial browser?   Full browser?
 
 
Board of Certified Hazard Control Management
Board of Certified Healthcare Safety Management
Board of Certified Safety Professionals
Board of Chiropractic Examiners
Board of Christian Education
Board of civil authority
Board of Clark County Commissioners
Board of Clinical Social Workers
Board of Commissioners
Board of Commissioners of Currency, Singapore
Board of Contract Appeals
Board of Contract Appeals
Board of Contract Appeals Bar Association
Board of Control
Board of Control
Board of Control and Economy
Board of Control for Cricket in India
Board of Control for Cricket in Sri Lanka
Board of Cooperative Educational Services
Board of Cooperative Services
Board of Corrections
Board of county commissioners
Board of County Supervisors
Board of Cricket Control Pakistan
Board of Customs and Excise
Board of Deputies of British Jews
board of directors
Board of Directors of Drugless Therapy-Naturopathy
Board of Directors of the Bank of Canada
Board of Distinguished Visiting Scholars
Board of Early Care and Education
Board of Economic Development
Board of Economic Warfare
Board of Ed
Board of Editors in the Life Sciences
board of education
board of education
Board of Education and Services for the Blind
Board of Education Non-Teaching Employees
Board of Education of Wicomico County
Board of Education Retirement System
Board of Educational Affairs
Board of Educational Programming
Board of Elections
Board of Elementary and Secondary Education
Board of Employees
Board of Engineering of Trinidad and Tobago
Board of Engineers for Rivers & Harbors
Board of Engineers Malaysia
Board of Engineers Professional Responsibility
Board of Environmental Promotion of Tourism Activities
Board of Environmental, Health & Safety Auditor Certifications
 
Financial Dictionary
?

Terms of Use | Privacy policy | Feedback | Advertise with Us | Copyright © 2012 Farlex, Inc.
Disclaimer
All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.