board of directors (redirected from chairman of the board)

Board of Directors

Individuals elected by the shareholders of a corporation who carry out certain tasks established in the charter.

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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.

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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 and fires major executives. It is answerable to shareholders for its decisions. A publicly traded company must have a board of directors.