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A board of directors (commonly referred simply as the board) is an executive committee that jointly supervise the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organization, or a government agency.
The powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction’s corporate law) and the organization’s own constitution and by-laws. These authorities may specify the number of members of the board, how they are to be chosen, and how often they are to meet.
In an organization with voting members, the board is accountable to, and may be subordinate to, the organization’s full membership, which usually elect the members of the board and in a stock corporation, non-executive directors are elected by the shareholders, and the board has ultimate responsibility for the management of the corporation. In nations with codetermination (such as Germany and Sweden), the workers of a corporation elect a set fraction of the board’s members.
The board of directors appoints the chief executive officer of the corporation and sets out the overall strategic direction. In corporations with dispersed ownership, the identification and nomination of directors (that shareholders vote for or against) are often done by the board itself, leading to a high degree of self-perpetuation. In a non-stock corporation with no general voting membership, the board is the supreme governing body of the institution, and its members are sometimes chosen by the board itself.
Typical duties of boards of directors include:
- governing the organization by establishing broad policies and setting out strategic objectives;
- selecting, appointing, supporting and reviewing the performance of the chief executive (of which the titles vary from organization to organization; the chief executive may be titled chief executive officer, president or executive director);
- terminating the chief executive;
- ensuring the availability of adequate financial resources;
- approving annual budgets;
- accounting to the stakeholders for the organization’s performance;
- setting the salaries, compensation and benefits of senior management;
The legal responsibilities of boards and board members vary with the nature of the organization, and between jurisdictions. For companies with publicly trading stock, these responsibilities are typically much more rigorous and complex than for those of other types.
Typically, the board chooses one of its members to be the chairman (often now called the “chair” or “chairperson”), who holds whatever title is specified in the by-laws or articles of association. However, in membership organizations, the members elect the president of the organization and the president becomes the board chair, unless the by-laws say otherwise.
What is a Board of Directors?
A Board of Directors is a governing body (called the board) of an incorporated firm. Its members, also known as directors, are elected normally by the subscribers, also known as the stockholders, of the firm to govern the firm and look after the subscribers’ interests. The election of the subscribers generally takes place at an annual general meeting or AGM.
The board has the ultimate decision-making authority and, in general, is empowered to:
- Set the company’s policy, objectives, and overall direction
- Adopt bylaws
- Name members of the advisory, executive, finance, and other committees
- Hire, monitor, evaluate, and fire the managing director and senior executives
- Determine and pay the dividend
- Issue additional shares
Though all of its members might not be engaged in the company’s day-to-day operations, the entire board is held liable under the doctrine of collective responsibility for the consequences of the firm’s policies, actions, and failures to act. Members of the board usually include senior-most executives (called “inside directors” or “executive directors”) as well as experts or respected persons chosen from the wider community (called “outside directors” or “non-executive directors”).
What is a Board Portal?
A board portal is a secure website and/or mobile app that enables the executive management team and their staff to privately and securely communicate with the organization’s governing body (its board of directors or trustees) in a single platform. The board management software helps improve governance for stronger organizations. Organizations can align, collaborate, and work seamlessly together as a fully functioning boardroom within the board portal.
In the portal, organizations can create a central location and a permanent digital record for all board documents. Members, staff, and legal teams can access audits, financials, committee reports, agendas, minutes, meeting information, and also vote, sign legal documents, and much more.
The ability to have private and secure discussions between members of your board of directors, staff, and guests will also foster better communication, and keep your organization secure and compliant.
Is board of directors singular or plural?
‘Board of directors’ is singular, but in British English it often functions as a plural noun: The board of directors has/have appointed a new CEO.
Is the board single or plural?
Board is a singular noun. ‘of directors’ is just a modifying prepositional phrase.
How do you use board of directors in a sentence?
Your job is to attend the meeting and report back to the board of directors.
- He was summoning before the board of directors.
- They elected me to the Board of Directors.
- I am a member of the board of directors.
- He’s on the board of directors.
- Your job is to attend the meeting and report back to the board of directors.
What are the three primary functions of a board of directors?
The basics Just as for any corporation, the board of directors of a nonprofit has three primary legal duties known as the “duty of care,” “duty of loyalty,” and “duty of obedience.”
How do you define board of directors?
A board of directors (B of D) is an elected group of individuals that represent shareholders. The board is a governing body that typically meets at regular intervals to set policies for corporate management and oversight. Every public company must have a board of directors.
“The board of directors”… is it singular or plural?
Consider these sentences:
The government is united on this issue.
The government are disunited in their approach to this issue.
In the first, you can see ‘the government” as a block, a single object.
In the second, you can see the government as a group of disparate individuals who can’t agree.
The same could apply to a board of directors. You just have to decide whether you want to see the board as an indivisible bloc, or as individuals striving for agreement.
American English tends to fo with the bloc approach, but British English is more flexible on this point, which allows for more nuance.
For example, “Americans would usually speak of “the family” as singular. “My family lives in Boston”. British people usually see “the family” as plural “All the family are coming for Christmas”, except when solidarity is calling for: “The family is based on trust”.
Is board of directors possessive?
You have two choices. You can put the apostrophe at the end of the noun phrase. The board of directors’ report. Even though the possessive is singular, you don’t add the ‘s, because that would give director’s .
Does directors need an apostrophe?
What to do? As an example, I serve on a board of directors. When referring to an upcoming meeting of the board, it would be reasonable for me to write, “The Directors’ meeting is on June 17th.” The apostrophe belongs after the “s” in the word “Directors”.
What are red flags in a relationship?
“One major red flag in relationships is when everyday life, events, conversations, and basic interactions are frequently about that person — where there’s constant manipulation and abuse of power over you. “For instance, you could confront the person you’re dating about something they did or said that hurt you.
Where does the apostrophe go in the possessive form of board of directors?
To form the possessive, place the apostrophe after the ending s of the plural noun directors: directors’ Example: The board of directors’ meeting is at two.
What is the plural form of Board of Directors Does apostrophe go before the s or after the s?
The plural form of Board of Directors is Boards of Directors. There is no apostrophe. An apostrophe would be used in the possessive form, not the plural form.
Which is the correct possessive – Board of Directors’ or Board of Director’s?
The possessive form for the singular compound noun ‘board of directors’ is board of directors’. Example: The board of directors’ plan is to create an interim position.
Is the word director’s singular or possessive or plural possessive noun?
Director’s is singular possessive. Directors’ is plural possessive.
How Do I Address a Letter to a Board of Directors?
There are no hard-and-fast rules when writing to multiple people comprising a board of directors, which means you have several options for addressing your letter. Generally, you’ll prepare one letter when the board is so large it becomes cumbersome to address each director individually. For smaller boards, you can write a separate letter for each person and use the “carbon copy” notation to reference the other recipients.
When Writing to a Large Board
Where the board comprises five or more individuals – this number is guidance, not a rule – it is common to prepare one letter addressed to the board as a group and mailed to the company they govern. Here’s an example:
The Board of Directors
ABC Property Corporation
123 City Street
San Francisco, CA 94105
Your salutation should read “Dear Board of Directors:” or “Dear Members of the Board:” followed by a colon, not a comma. If you are the business owner or another board member, it’s acceptable to use the informal salutation “Dear Board” or “Dear all:”