board of directors

(redirected from Corporate director)
Also found in: Dictionary, Thesaurus, Legal.

Board of Directors

Individuals elected by the shareholders of a corporation who carry out certain tasks established in the charter.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

board of directors

the group responsible to the SHAREHOLDERS for running a JOINT-STOCK COMPANY. Often boards of directors are composed of full-time, salaried company executives (the executive directors) and part-time, nonexecutive directors. The board of directors meets periodically under the company chairman to decide on major policy matters within the company and the appointment of key managers. DIRECTORS are elected annually at the company ANNUAL GENERAL MEETING.

In recent years the responsibilities of British directors have been increased under the terms of the Insolvency Act and they may be held personally liable for company debts incurred if they knowingly and recklessly trade after the company is insolvent (see INSOLVENCY).

In certain European countries, like Germany, there are two-tier boards of directors with a supervisory board composed of representatives of shareholders, employees, etc., which appoints a management board to deal with the detailed management of the company. See CORPORATE GOVERNANCE.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

board of directors

the group responsible to the SHAREHOLDERS for running a JOINT-STOCK COMPANY. Often, boards of directors are made up of full-time salaried company executives (the executive directors) and part-time, nonexecutive directors. The board of directors meets periodically under the company chairman to decide on major policy matters within the company and the appointment of key managers. Directors are elected by rotation at the company ANNUAL GENERAL MEETING. See TWO-TIER BOARD, CORPORATE GOVERNANCE.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
The authority said the salary levels of both new posts will also be lower than the present corporate directors.
Graham Nicoll, who heads up Barclays' mid-corporate team across the Midlands, said: "I am delighted Keith has taken on the role as corporate director for the Warwickshire and Leicestershire team.
The proposal is part of a suggested move from a structure of a chief executive and five corporate directors to a structure of three executive directors, including a lead executive director.
The appointment of Paul Orders, left, as a Cardiff council corporate director has been criticised by former council leader Russell Goodway, right
Also, 11 schools had academic medical center CEOs who were corporate directors, and 22 schools had at least one top leader who also was a director of a health care corporation.
Total compensation for Canada's corporate directors increased 32% between 2001 and 2003, according to a new study of the proxy disclosure of companies in the S & P/TSX Composite, conducted by Mercer Human Resource Consulting in association with the Institute of Corporate Directors (ICD).
Vic Avetissian is the corporate director, government acquisition initiative, with Northrop Grumman Corporation.
corporate director George Petty has joined the company's board of directors.
In a sweeping review of the rubber industry, Joe Walker, Corporate Director for Materials Development at Freudenberg-NOK, showed how consolidation and internationalization are trends that are permanently transforming the marketplace.
Shaw was appointed Corporate Director of Residence Life and Student Personnel Development for Allen and O'Hara Inc.
Venezuelan telecom Compania Anonima Nacional de Telefonos de Venezuela (Cantv) saved $1.4 million in one auction online, says Alfredo Garcia, corporate director of purchasing and contracts at Cantv.
Maningat formerly served as corporate director of R&D and quality control.

Full browser ?