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class="vector-toc-list"> </ul> </li> <li id="toc-Directors" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Directors"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Directors</span> </div> </a> <button aria-controls="toc-Directors-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Directors subsection</span> </button> <ul id="toc-Directors-sublist" class="vector-toc-list"> <li id="toc-Honorary_members" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Honorary_members"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Honorary members</span> </div> </a> <ul id="toc-Honorary_members-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Inside_director" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Inside_director"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Inside director</span> </div> </a> <ul id="toc-Inside_director-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Outside_director" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Outside_director"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Outside director</span> </div> </a> <ul id="toc-Outside_director-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Terminology_2" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Terminology_2"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Terminology</span> </div> </a> <ul id="toc-Terminology_2-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Process_and_structure" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Process_and_structure"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Process and structure</span> </div> </a> <button aria-controls="toc-Process_and_structure-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Process and structure subsection</span> </button> <ul id="toc-Process_and_structure-sublist" class="vector-toc-list"> <li id="toc-Board_meetings" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Board_meetings"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Board meetings</span> </div> </a> <ul id="toc-Board_meetings-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Non-corporate_boards" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Non-corporate_boards"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Non-corporate boards</span> </div> </a> <button aria-controls="toc-Non-corporate_boards-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Non-corporate boards subsection</span> </button> <ul id="toc-Non-corporate_boards-sublist" class="vector-toc-list"> <li id="toc-Membership_organizations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Membership_organizations"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Membership organizations</span> </div> </a> <ul id="toc-Membership_organizations-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Corporations" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Corporations"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Corporations</span> </div> </a> <button aria-controls="toc-Corporations-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Corporations subsection</span> </button> <ul id="toc-Corporations-sublist" class="vector-toc-list"> <li id="toc-Governance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Governance"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Governance</span> </div> </a> <ul id="toc-Governance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Two-tier_system" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Two-tier_system"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>Two-tier system</span> </div> </a> <ul id="toc-Two-tier_system-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-History" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.3</span> <span>History</span> </div> </a> <ul id="toc-History-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Election_and_removal" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Election_and_removal"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.4</span> <span>Election and removal</span> </div> </a> <ul id="toc-Election_and_removal-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Exercise_of_powers" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Exercise_of_powers"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.5</span> <span>Exercise of powers</span> </div> </a> <ul id="toc-Exercise_of_powers-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Duties" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Duties"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6</span> <span>Duties</span> </div> </a> <ul id="toc-Duties-sublist" class="vector-toc-list"> <li id="toc-"Proper_purpose"" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#"Proper_purpose""> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6.1</span> <span>"Proper purpose"</span> </div> </a> <ul id="toc-"Proper_purpose"-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-"Unfettered_discretion"" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#"Unfettered_discretion""> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6.2</span> <span>"Unfettered discretion"</span> </div> </a> <ul id="toc-"Unfettered_discretion"-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-"Conflict_of_duty_and_interest"" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#"Conflict_of_duty_and_interest""> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6.3</span> <span>"Conflict of duty and interest"</span> </div> </a> <ul id="toc-"Conflict_of_duty_and_interest"-sublist" class="vector-toc-list"> <li id="toc-1._Transactions_with_the_company" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#1._Transactions_with_the_company"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6.3.1</span> <span>1. Transactions with the company</span> </div> </a> <ul id="toc-1._Transactions_with_the_company-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2._Use_of_corporate_property,_opportunity,_or_information" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#2._Use_of_corporate_property,_opportunity,_or_information"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6.3.2</span> <span>2. Use of corporate property, opportunity, or information</span> </div> </a> <ul id="toc-2._Use_of_corporate_property,_opportunity,_or_information-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-3._Competing_with_the_company" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#3._Competing_with_the_company"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6.3.3</span> <span>3. Competing with the company</span> </div> </a> <ul id="toc-3._Competing_with_the_company-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Common_law_duties_of_care_and_skill" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Common_law_duties_of_care_and_skill"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6.4</span> <span>Common law duties of care and skill</span> </div> </a> <ul id="toc-Common_law_duties_of_care_and_skill-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Remedies_for_breach_of_duty" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Remedies_for_breach_of_duty"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6.5</span> <span>Remedies for breach of duty</span> </div> </a> <ul id="toc-Remedies_for_breach_of_duty-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Current_trends" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Current_trends"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6.6</span> <span>Current trends</span> </div> </a> <ul id="toc-Current_trends-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_board_and_society" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#The_board_and_society"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6.7</span> <span>The board and society</span> </div> </a> <ul id="toc-The_board_and_society-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.7</span> <span>United States</span> </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> <li id="toc-Sarbanes–Oxley_Act" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Sarbanes–Oxley_Act"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.7.1</span> <span>Sarbanes–Oxley Act</span> </div> </a> <ul id="toc-Sarbanes–Oxley_Act-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Size" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Size"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.7.2</span> <span>Size</span> </div> </a> <ul id="toc-Size-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Committees" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Committees"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.7.3</span> <span>Committees</span> </div> </a> <ul id="toc-Committees-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Compensation" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Compensation"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.7.4</span> <span>Compensation</span> </div> </a> <ul id="toc-Compensation-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Criticism" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Criticism"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.8</span> <span>Criticism</span> </div> </a> <ul id="toc-Criticism-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>References</span> </div> </a> <button aria-controls="toc-References-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle References subsection</span> </button> <ul id="toc-References-sublist" class="vector-toc-list"> <li id="toc-Citations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Citations"> <div class="vector-toc-text"> <span class="vector-toc-numb">9.1</span> <span>Citations</span> </div> </a> <ul id="toc-Citations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sources" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sources"> <div class="vector-toc-text"> <span class="vector-toc-numb">9.2</span> <span>Sources</span> </div> </a> <ul id="toc-Sources-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Board of directors</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 47 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-47" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">47 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%85%D8%AC%D9%84%D8%B3_%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9" title="مجلس إدارة – Arabic" lang="ar" hreflang="ar" data-title="مجلس إدارة" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Direktorlar_%C5%9Furas%C4%B1" title="Direktorlar şurası – Azerbaijani" lang="az" hreflang="az" data-title="Direktorlar şurası" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%AA%E0%A6%B0%E0%A6%BF%E0%A6%9A%E0%A6%BE%E0%A6%B2%E0%A6%A8%E0%A6%BE_%E0%A6%AA%E0%A6%B0%E0%A7%8D%E0%A6%B7%E0%A6%A6" title="পরিচালনা পর্ষদ – Bangla" lang="bn" hreflang="bn" data-title="পরিচালনা পর্ষদ" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Chh%C3%BA-th%C3%A8-ia%CC%8Dh-ho%C4%93" title="Chhú-thè-ia̍h-hoē – Minnan" lang="nan" hreflang="nan" data-title="Chhú-thè-ia̍h-hoē" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Consell_d%27administraci%C3%B3" title="Consell d'administració – Catalan" lang="ca" hreflang="ca" data-title="Consell d'administració" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/P%C5%99edstavenstvo" title="Představenstvo – Czech" lang="cs" hreflang="cs" data-title="Představenstvo" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Bestyrelse" title="Bestyrelse – Danish" lang="da" hreflang="da" data-title="Bestyrelse" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Board_of_Directors" title="Board of Directors – German" lang="de" hreflang="de" data-title="Board of Directors" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%94%CE%B9%CE%BF%CE%B9%CE%BA%CE%B7%CF%84%CE%B9%CE%BA%CF%8C_%CE%A3%CF%85%CE%BC%CE%B2%CE%BF%CF%8D%CE%BB%CE%B9%CE%BF" title="Διοικητικό Συμβούλιο – Greek" lang="el" hreflang="el" data-title="Διοικητικό Συμβούλιο" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Consejo_de_administraci%C3%B3n" title="Consejo de administración – Spanish" lang="es" hreflang="es" data-title="Consejo de administración" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Estraro" title="Estraro – Esperanto" lang="eo" hreflang="eo" data-title="Estraro" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Administrazio_kontseilu" title="Administrazio kontseilu – Basque" lang="eu" hreflang="eu" data-title="Administrazio kontseilu" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%87%DB%8C%D8%A6%D8%AA%E2%80%8C%D9%85%D8%AF%DB%8C%D8%B1%D9%87" title="هیئت‌مدیره – Persian" lang="fa" hreflang="fa" data-title="هیئت‌مدیره" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Conseil_d%27administration" title="Conseil d'administration – French" lang="fr" hreflang="fr" data-title="Conseil d'administration" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Bord_sti%C3%BArth%C3%B3ir%C3%AD_(gn%C3%B3)" title="Bord stiúrthóirí (gnó) – Irish" lang="ga" hreflang="ga" data-title="Bord stiúrthóirí (gnó)" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Consello_de_administraci%C3%B3n" title="Consello de administración – Galician" lang="gl" hreflang="gl" data-title="Consello de administración" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%9D%B4%EC%82%AC%ED%9A%8C" title="이사회 – Korean" lang="ko" hreflang="ko" data-title="이사회" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%A8%E0%A4%BF%E0%A4%A6%E0%A5%87%E0%A4%B6%E0%A4%95%E0%A4%AE%E0%A4%82%E0%A4%A1%E0%A4%B2" title="निदेशकमंडल – Hindi" lang="hi" hreflang="hi" data-title="निदेशकमंडल" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Dewan_direksi" title="Dewan direksi – Indonesian" lang="id" hreflang="id" data-title="Dewan direksi" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Consiglio_di_amministrazione" title="Consiglio di amministrazione – Italian" lang="it" hreflang="it" data-title="Consiglio di amministrazione" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%93%D7%99%D7%A8%D7%A7%D7%98%D7%95%D7%A8%D7%99%D7%95%D7%9F" title="דירקטוריון – Hebrew" lang="he" hreflang="he" data-title="דירקטוריון" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%94%D0%B8%D1%80%D0%B5%D0%BA%D1%82%D0%BE%D1%80%D0%BB%D0%B0%D1%80_%D0%BA%D0%B5%D2%A3%D0%B5%D1%81%D1%96" title="Директорлар кеңесі – Kazakh" lang="kk" hreflang="kk" data-title="Директорлар кеңесі" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Direktori%C5%B3_taryba" title="Direktorių taryba – Lithuanian" lang="lt" hreflang="lt" data-title="Direktorių taryba" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%9E%D0%B4%D0%B1%D0%BE%D1%80_%D0%BD%D0%B0_%D0%B4%D0%B8%D1%80%D0%B5%D0%BA%D1%82%D0%BE%D1%80%D0%B8" title="Одбор на директори – Macedonian" lang="mk" hreflang="mk" data-title="Одбор на директори" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://ml.wikipedia.org/wiki/%E0%B4%A1%E0%B4%AF%E0%B4%B1%E0%B4%95%E0%B5%8D%E0%B4%9F%E0%B5%BC_%E0%B4%AC%E0%B5%8B%E0%B5%BC%E0%B4%A1%E0%B5%8D" title="ഡയറക്ടർ ബോർഡ് – Malayalam" lang="ml" hreflang="ml" data-title="ഡയറക്ടർ ബോർഡ്" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target"><span>മലയാളം</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Lembaga_pengarah" title="Lembaga pengarah – Malay" lang="ms" hreflang="ms" data-title="Lembaga pengarah" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Raad_van_bestuur" title="Raad van bestuur – Dutch" lang="nl" hreflang="nl" data-title="Raad van bestuur" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%B8%E0%A4%9E%E0%A5%8D%E0%A4%9A%E0%A4%BE%E0%A4%B2%E0%A4%95_%E0%A4%B8%E0%A4%AE%E0%A4%BF%E0%A4%A4%E0%A4%BF" title="सञ्चालक समिति – Nepali" lang="ne" hreflang="ne" data-title="सञ्चालक समिति" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%8F%96%E7%B7%A0%E5%BD%B9%E4%BC%9A" title="取締役会 – Japanese" lang="ja" hreflang="ja" data-title="取締役会" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Styre" title="Styre – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Styre" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Direktorlar_kengashi" title="Direktorlar kengashi – Uzbek" lang="uz" hreflang="uz" data-title="Direktorlar kengashi" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pap mw-list-item"><a href="https://pap.wikipedia.org/wiki/Hunta_di_Maneho" title="Hunta di Maneho – Papiamento" lang="pap" hreflang="pap" data-title="Hunta di Maneho" data-language-autonym="Papiamentu" data-language-local-name="Papiamento" class="interlanguage-link-target"><span>Papiamentu</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Rada_dyrektor%C3%B3w" title="Rada dyrektorów – Polish" lang="pl" hreflang="pl" data-title="Rada dyrektorów" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Conselho_de_administra%C3%A7%C3%A3o" title="Conselho de administração – Portuguese" lang="pt" hreflang="pt" data-title="Conselho de administração" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Consiliu_de_administra%C8%9Bie" title="Consiliu de administrație – Romanian" lang="ro" hreflang="ro" data-title="Consiliu de administrație" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A1%D0%BE%D0%B2%D0%B5%D1%82_%D0%B4%D0%B8%D1%80%D0%B5%D0%BA%D1%82%D0%BE%D1%80%D0%BE%D0%B2" title="Совет директоров – Russian" lang="ru" hreflang="ru" data-title="Совет директоров" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Board_of_directors" title="Board of directors – Simple English" lang="en-simple" hreflang="en-simple" data-title="Board of directors" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%A3%D0%BF%D1%80%D0%B0%D0%B2%D0%BD%D0%B8_%D0%BE%D0%B4%D0%B1%D0%BE%D1%80" title="Управни одбор – Serbian" lang="sr" hreflang="sr" data-title="Управни одбор" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Hallitus" title="Hallitus – Finnish" lang="fi" hreflang="fi" data-title="Hallitus" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Styrelse" title="Styrelse – Swedish" lang="sv" hreflang="sv" data-title="Styrelse" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%87%E0%AE%AF%E0%AE%95%E0%AF%8D%E0%AE%95%E0%AF%81%E0%AE%A8%E0%AE%B0%E0%AF%8D_%E0%AE%95%E0%AF%81%E0%AE%B4%E0%AF%81%E0%AE%AE%E0%AE%AE%E0%AF%8D" title="இயக்குநர் குழுமம் – Tamil" lang="ta" hreflang="ta" data-title="இயக்குநர் குழுமம்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Y%C3%B6netim_kurulu" title="Yönetim kurulu – Turkish" lang="tr" hreflang="tr" data-title="Yönetim kurulu" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A0%D0%B0%D0%B4%D0%B0_%D0%B4%D0%B8%D1%80%D0%B5%D0%BA%D1%82%D0%BE%D1%80%D1%96%D0%B2" title="Рада директорів – Ukrainian" lang="uk" hreflang="uk" data-title="Рада директорів" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Ban_gi%C3%A1m_%C4%91%E1%BB%91c_(c%C3%B4ng_ty)" title="Ban giám đốc (công ty) – Vietnamese" lang="vi" hreflang="vi" data-title="Ban giám đốc (công ty)" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E8%91%A3%E4%BA%8B%E4%BC%9A" title="董事会 – Wu" lang="wuu" hreflang="wuu" data-title="董事会" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E8%91%A3%E4%BA%8B%E6%9C%83" title="董事會 – Cantonese" lang="yue" hreflang="yue" data-title="董事會" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E8%91%A3%E4%BA%8B%E4%BC%9A" title="董事会 – Chinese" lang="zh" hreflang="zh" data-title="董事会" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a 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<div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Type of governing body for an organisation</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">"Board room" and "board of trustees" redirect here. For other uses, see <a href="/wiki/Supervisory_board" title="Supervisory board">supervisory board</a>, <a href="/wiki/Board_room_(disambiguation)" class="mw-disambig" title="Board room (disambiguation)">board room (disambiguation)</a>, and <a href="/wiki/Board_of_trustees_(disambiguation)" class="mw-disambig" title="Board of trustees (disambiguation)">board of trustees (disambiguation)</a>.</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">"The Board of Directors" redirects here. For the album by the Mills Brothers with Count Basie and orchestra, see <a href="/wiki/The_Board_of_Directors_(album)" title="The Board of Directors (album)">The Board of Directors (album)</a>.</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Center_for_Interfaith_Relations_Board_of_Directors_meeting_April_25,_2013.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Center_for_Interfaith_Relations_Board_of_Directors_meeting_April_25%2C_2013.jpg/220px-Center_for_Interfaith_Relations_Board_of_Directors_meeting_April_25%2C_2013.jpg" decoding="async" width="220" height="293" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Center_for_Interfaith_Relations_Board_of_Directors_meeting_April_25%2C_2013.jpg/330px-Center_for_Interfaith_Relations_Board_of_Directors_meeting_April_25%2C_2013.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Center_for_Interfaith_Relations_Board_of_Directors_meeting_April_25%2C_2013.jpg/440px-Center_for_Interfaith_Relations_Board_of_Directors_meeting_April_25%2C_2013.jpg 2x" data-file-width="768" data-file-height="1024" /></a><figcaption>Center for Interfaith Relations Board of Directors meeting</figcaption></figure> <p class="mw-empty-elt"> </p><p>A <b>board of directors</b> is an <a href="/wiki/Committee#Executive_committee" title="Committee">executive committee</a> that supervises the activities of a <a href="/wiki/Business" title="Business">business</a>, a <a href="/wiki/Nonprofit_organization" title="Nonprofit organization">nonprofit organization</a>, or a <a href="/wiki/Government_agency" title="Government agency">government agency</a>. </p><p>The powers, duties, and responsibilities of a board of directors are determined by government <a href="/wiki/Regulations" class="mw-redirect" title="Regulations">regulations</a> (including the jurisdiction's <a href="/wiki/Corporate_law" title="Corporate law">corporate law</a>) and the organization's own <a href="/wiki/Constitution" title="Constitution">constitution</a> and <a href="/wiki/By-laws" class="mw-redirect" title="By-laws">by-laws</a>. These authorities may specify the number of members of the board, how they are to be chosen, and how often they are to meet. </p><p>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. In a <a href="/wiki/Stock_corporation" class="mw-redirect" title="Stock corporation">stock corporation</a>, <a href="/wiki/Non-executive_director" title="Non-executive director">non-executive directors</a> are elected by the <a href="/wiki/Shareholder" title="Shareholder">shareholders</a>, and the board has ultimate responsibility for the management of the corporation. In nations with <a href="/wiki/Codetermination" class="mw-redirect" title="Codetermination">codetermination</a> (such as Germany and Sweden), the workers of a corporation elect a set fraction of the board's members. </p><p>The board of directors appoints the <a href="/wiki/Chief_executive_officer" title="Chief executive officer">chief executive officer</a> 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 <a href="/wiki/Non-stock_corporation" title="Non-stock corporation">non-stock corporation</a> 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.<sup id="cite_ref-FOOTNOTERobert20119_1-0" class="reference"><a href="#cite_note-FOOTNOTERobert20119-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Terminology">Terminology</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=1" title="Edit section: Terminology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Other names include <i>board of directors and advisors</i>, <i>board of governors</i>, <i>board of managers</i>, <i><a href="/wiki/Board_of_Regents" class="mw-redirect" title="Board of Regents">board of regents</a></i>, <i>board of <a href="/wiki/Trustees" class="mw-redirect" title="Trustees">trustees</a></i>, and <i>board of visitors</i>. It may also be called the <i>executive board</i>.<sup id="cite_ref-FOOTNOTERobert2011481–483_4-0" class="reference"><a href="#cite_note-FOOTNOTERobert2011481–483-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Roles">Roles</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=2" title="Edit section: Roles"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl 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href="/wiki/Chief_product_officer" title="Chief product officer">Chief product officer</a>/<a href="/wiki/Chief_technology_officer" title="Chief technology officer">Chief technology officer</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align: center;;color: var(--color-base)"><a href="/wiki/Economics" title="Economics">Economics</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Commodity" title="Commodity">Commodity</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public economics</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li> <li><a 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class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align: center;;color: var(--color-base)">Finance</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Financial_statement" title="Financial statement">Financial statement</a></li> <li><a href="/wiki/Insurance" title="Insurance">Insurance</a></li> <li><a href="/wiki/Factoring_(finance)" title="Factoring (finance)">Factoring</a></li> <li><a href="/wiki/Cash_conversion_cycle" title="Cash conversion cycle">Cash conversion cycle</a></li> <li><a href="/wiki/Insider_dealing" class="mw-redirect" title="Insider dealing">Insider dealing</a></li> <li><a href="/wiki/Capital_budgeting" title="Capital budgeting">Capital budgeting</a></li> <li><a href="/wiki/Commercial_bank" title="Commercial bank">Commercial bank</a></li> <li><a href="/wiki/Derivative_(finance)" title="Derivative (finance)">Derivative</a></li> <li><a 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title="Capital management">Capital management</a></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture capital</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align: center;;color: var(--color-base)">Types of management</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Asset_management" title="Asset management">Asset</a></li> <li><a href="/wiki/Brand_management" title="Brand management">Brand</a></li> <li><a href="/wiki/Business_intelligence" title="Business intelligence">Business intelligence</a></li> <li><a href="/wiki/Business_development" title="Business development">Business development</a></li> <li><a href="/wiki/Capacity_management" title="Capacity management">Capacity</a></li> <li><a href="/wiki/Capability_management_in_business" title="Capability management in business">Capability</a></li> <li><a href="/wiki/Change_management" title="Change management">Change</a> <ul><li><a href="/wiki/Innovation_management" title="Innovation management">innovation</a></li></ul></li> <li><a href="/wiki/Commercial_management" title="Commercial management">Commercial</a> <ul><li><a href="/wiki/Marketing_management" title="Marketing management">Marketing</a></li></ul></li> <li><a href="/wiki/Communications_management" title="Communications management">Communications</a></li> <li><a href="/wiki/Configuration_management" title="Configuration management">Configuration</a></li> <li><a href="/wiki/Conflict_management" title="Conflict management">Conflict</a></li> <li><a href="/wiki/Content_management" title="Content management">Content</a></li> <li><a href="/wiki/Customer_relationship_management" title="Customer relationship management">Customer relationship</a></li> <li><a href="/wiki/Distributed_management" title="Distributed management">Distributed</a></li> <li><a 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management">Legal</a></li> <li><a href="/wiki/Materials_management" title="Materials management">Materials</a></li> <li><a href="/wiki/Network_management" title="Network management">Network</a> <ul><li><a href="/wiki/Network_administrator" title="Network administrator">administrator</a></li></ul></li> <li><a href="/wiki/Office_management" title="Office management">Office</a></li> <li><a href="/wiki/Operations_management" title="Operations management">Operations</a>  <ul><li><a href="/wiki/Operations_management_for_services" title="Operations management for services">services</a></li></ul></li> <li><a href="/wiki/Performance_management" class="mw-redirect" title="Performance management">Performance</a></li> <li><a href="/wiki/Power_management" title="Power management">Power</a></li> <li><a href="/wiki/Business_process_management" title="Business process management">Process</a></li> <li><a href="/wiki/Product_life-cycle_management" class="mw-redirect" title="Product life-cycle management">Product life-cycle</a></li> <li><a href="/wiki/Product_management" title="Product management">Product</a></li> <li><a href="/wiki/Project_management" title="Project management">Project</a></li> <li><a href="/wiki/Property_management" title="Property management">Property</a></li> <li><a href="/wiki/Quality_management" title="Quality management">Quality</a></li> <li><a href="/wiki/Records_management" title="Records management">Records</a></li> <li><a href="/wiki/Resource_management" title="Resource management">Resource</a></li> <li><a href="/wiki/Risk_management" title="Risk management">Risk</a>  <ul><li><a href="/wiki/Crisis_management" title="Crisis management">crisis</a></li></ul></li> <li><a href="/wiki/Sales_management" title="Sales management">Sales</a></li> <li><a href="/wiki/Security_management" title="Security management">Security</a></li> <li><a href="/wiki/Service_management" title="Service management">Service</a></li> <li><a href="/wiki/Strategic_management" title="Strategic management">Strategic</a></li> <li><a href="/wiki/Supply_chain_management" title="Supply chain management">Supply chain</a></li> <li><a href="/wiki/Systems_management" title="Systems management">Systems</a> <ul><li><a href="/wiki/System_administrator" title="System administrator">administrator</a></li></ul></li> <li><a href="/wiki/Talent_management" title="Talent management">Talent</a></li> <li><a href="/wiki/Technology_management" title="Technology management">Technology</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align: center;;color: var(--color-base)">Organization</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Organizational_architecture" title="Organizational architecture">Architecture</a></li> <li><a href="/wiki/Organizational_behavior" title="Organizational behavior">Behavior</a></li> <li><a href="/wiki/Organizational_communication" title="Organizational communication">Communication</a></li> <li><a href="/wiki/Organizational_culture" title="Organizational culture">Culture</a></li> <li><a href="/wiki/Organizational_conflict" title="Organizational conflict">Conflict</a></li> <li><a href="/wiki/Organization_development" title="Organization development">Development</a></li> <li><a href="/wiki/Organizational_engineering" title="Organizational engineering">Engineering</a></li> <li><a href="/wiki/Hierarchical_organization" title="Hierarchical organization">Hierarchy</a></li> <li><a href="/wiki/Organizational_patterns" title="Organizational patterns">Patterns</a></li> <li><a href="/wiki/Organizational_space" title="Organizational space">Space</a></li> <li><a href="/wiki/Organizational_structure" title="Organizational structure">Structure</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align: center;;color: var(--color-base)"><a href="/wiki/Trade" title="Trade">Trade</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Business_analysis" title="Business analysis">Business analysis</a></li> <li><a href="/wiki/Business_ethics" title="Business ethics">Business ethics</a></li> <li><a href="/wiki/Business_plan" title="Business plan">Business plan</a></li> <li><a href="/wiki/Business_judgment_rule" title="Business judgment rule">Business judgment rule</a></li> <li><a href="/wiki/Consumer_behaviour" title="Consumer behaviour">Consumer behaviour</a></li> <li><a href="/wiki/Business_operations" title="Business operations">Business operations</a></li> <li><a href="/wiki/International_business" title="International business">International business</a></li> <li><a href="/wiki/Business_model" title="Business model">Business model</a></li> <li><a href="/wiki/International_trade" title="International trade">International trade</a> <ul><li><a href="/wiki/Trade_route" title="Trade route">Trade route</a></li></ul></li> <li><a href="/wiki/Business_process" title="Business process">Business process</a></li> <li><a href="/wiki/Business_statistics" class="mw-redirect" title="Business statistics">Business statistics</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business_and_economics" class="mw-redirect" title="Portal:Business and economics">Business and economics portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Business_administration" title="Template:Business administration"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Business_administration" title="Template talk:Business administration"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Business_administration" title="Special:EditPage/Template:Business administration"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>Typical duties of boards of directors include:<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Governing the organization by establishing broad policies and setting out strategic objectives</li> <li>Selecting, appointing, supporting, reviewing the performance, and terminating the <a href="/wiki/Chief_executive" class="mw-redirect" title="Chief executive">chief executive</a> (of which the titles vary from organization to organization; the chief executive may be titled chief executive officer, <a href="/wiki/President_(corporate_title)" title="President (corporate title)">president</a> or <a href="/wiki/Executive_director" title="Executive director">executive director</a>)</li> <li>Ensuring the availability of adequate financial resources</li> <li>Approving annual budgets</li> <li>Accounting to the <a href="/wiki/Project_stakeholder" title="Project stakeholder">stakeholders</a> for the organization's performance</li> <li>Setting the salaries, compensation and benefits of senior management</li></ul> <p>The legal responsibilities of boards and board members vary with the nature of the organization, and between jurisdictions. For <a href="/wiki/Public_corporations" class="mw-redirect" title="Public corporations">companies with shares publicly listed for negotiation</a>, these responsibilities are typically much more rigorous and complex than for those of other types. </p><p>Typically, the board chooses one of its members to be the <i><a href="/wiki/Chairman" class="mw-redirect" title="Chairman">chairman</a></i> (often now called the "chair" or "chairperson"), who holds whatever title is specified in the <a href="/wiki/By-law" title="By-law">by-laws</a> or <a href="/wiki/Articles_of_association" title="Articles of association">articles of association</a>. 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.<sup id="cite_ref-FOOTNOTERobert2011484_7-0" class="reference"><a href="#cite_note-FOOTNOTERobert2011484-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Directors">Directors</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=3" title="Edit section: Directors"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The directors of an organization are the persons who are members of its board. Several specific terms categorize directors by the presence or absence of their other relationships to the organization.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Honorary_members">Honorary members</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=4" title="Edit section: Honorary members"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Corporations often appoint a former senior executive and ex-board member as honorary <a href="/wiki/Corporate_title#Specific_corporate_officer_positions" title="Corporate title">president</a>, a position that does not carry any executive authority and represents recognition of the person's corporate governorship and performance.<sup id="cite_ref-honor_9-0" class="reference"><a href="#cite_note-honor-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Inside_director">Inside director</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=5" title="Edit section: Inside director"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>An inside director is a director who is also an employee, officer, chief executive, major <a href="/wiki/Shareholder" title="Shareholder">shareholder</a>, or someone similarly connected to the organization. Inside directors represent the interests of the entity's stakeholders, and often have special knowledge of its inner workings, its financial or market position, and so on. </p><p>Typical inside directors are: </p> <ul><li>A chief executive officer (CEO) who may also be <a href="/wiki/Chairperson" class="mw-redirect" title="Chairperson">chair of the board</a></li> <li>Other executives of the organization, such as its <a href="/wiki/Chief_financial_officer" title="Chief financial officer">chief financial officer</a> (CFO) or <a href="/wiki/Executive_vice_president" class="mw-redirect" title="Executive vice president">executive vice president</a></li> <li>Large shareholders (who may or may not also be employees or officers)</li> <li>Representatives of other stakeholders such as labor unions, major lenders, or members of the community in which the organization is located</li></ul> <p>An inside director who is employed as a manager or executive of the organization is sometimes referred to as an executive director (not to be confused with the title <a href="/wiki/Executive_director" title="Executive director">executive director</a> sometimes used for the CEO position in some organizations). Executive directors often have a specified area of responsibility in the organization, such as finance, marketing, human resources, or production.<sup id="cite_ref-Ivestopedia_10-0" class="reference"><a href="#cite_note-Ivestopedia-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Outside_director">Outside director</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=6" title="Edit section: Outside director"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Independent_director" title="Independent director">Independent director</a></div> <p>An outside director is a member of the board who is not otherwise employed by or engaged with the organization, and does not represent any of its stakeholders. A typical example is a director who is <a href="/wiki/President_(corporate_title)" title="President (corporate title)">president</a> of a firm in a different industry.<sup id="cite_ref-Investopedia_2_11-0" class="reference"><a href="#cite_note-Investopedia_2-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Outside directors are not employees of the company or affiliated with it in any other way. </p><p>Outside directors bring outside experience and perspectives to the board. For example, for a company that serves a domestic market only, the presence of CEOs from global multinational corporations as outside directors can help to provide insights on export and import opportunities and international trade options. One of the arguments for having outside directors is that they can keep a watchful eye on the inside directors and on the way the organization is run. Outside directors are unlikely to tolerate "insider dealing" between inside directors, as outside directors do not benefit from the company or organization. Outside directors are often useful in handling disputes between inside directors, or between shareholders and the board. They are thought to be advantageous because they can be objective and present little risk of conflict of interest. On the other hand, they might lack familiarity with the specific issues connected to the organization's governance, and they might not know about the industry or sector in which the organization is operating. </p> <div class="mw-heading mw-heading3"><h3 id="Terminology_2">Terminology <span class="anchor" id="Classification"></span></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=7" title="Edit section: Terminology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><i>Director</i> – a person appointed to serve on the board of an organization, such as an institution or business.</li> <li><i>Inside director</i> – a director who, in addition to serving on the board, has a meaningful connection to the organization</li> <li><i><a href="/wiki/Outside_director" class="mw-redirect" title="Outside director">Outside director</a></i> – a director who, other than serving on the board, has no meaningful connections to the organization</li> <li><i>Executive director</i> – an inside director who is also an executive with the organization. The term is also used, in a completely different sense, to refer to a CEO</li> <li><i><a href="/wiki/Non-executive_director" title="Non-executive director">Non-executive director</a></i> – a director (inside or outside) who is not an executive with the organization</li> <li><i>De facto director</i> – an individual who acts as a director of the company but has not actually or validly been appointed as such.</li> <li><i>Shadow director</i> – an individual who acts as a director of the company but is not a named director (a <i>de jure</i> director) and does not claim or purport to act as director.</li> <li><i>Nominee director</i> – an individual who is appointed by a shareholder, creditor or interest group (whether contractually or by resolution at a company meeting) and who has a continuing loyalty to the appointors or other interest in the appointing company</li></ul> <p>Individual directors often serve on more than one board.<sup id="cite_ref-Businessdictionary_12-0" class="reference"><a href="#cite_note-Businessdictionary-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> This practice results in an <a href="/wiki/Interlocking_directorate" title="Interlocking directorate">interlocking directorate</a>, where a relatively small number of individuals have significant influence over many important entities. This situation can have important corporate, social, economic, and legal consequences, and has been the subject of significant research.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Process_and_structure">Process and structure</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=8" title="Edit section: Process and structure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Globalize plainlinks metadata ambox ambox-content ambox-globalize" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="Globe icon." src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/48px-Ambox_globe_content.svg.png" decoding="async" width="48" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/73px-Ambox_globe_content.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/97px-Ambox_globe_content.svg.png 2x" data-file-width="350" data-file-height="290" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">The examples and perspective in this section <b>deal primarily with the United States and do not represent a <a href="/wiki/Wikipedia:WikiProject_Countering_systemic_bias" title="Wikipedia:WikiProject Countering systemic bias">worldwide view</a> of the subject</b>.<span class="hide-when-compact"> You may <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Board_of_directors&action=edit">improve this section</a>, discuss the issue on the <a href="/wiki/Talk:Board_of_directors" title="Talk:Board of directors">talk page</a>, or create a new section, as appropriate.</span> <span class="date-container"><i>(<span class="date">May 2018</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>The process for running a board, sometimes called the <a href="/w/index.php?title=Board_process&action=edit&redlink=1" class="new" title="Board process (page does not exist)">board process</a>, includes the selection of board members, the setting of clear board objectives, the dissemination of documents or board package to the board members, the collaborative creation of an <a href="/wiki/Agenda_(meeting)" title="Agenda (meeting)">agenda</a> for the meeting, the creation and follow-up of assigned <a href="/wiki/Action_item" title="Action item">action items</a>, and the assessment of the board process through standardized assessments of board members, owners, and CEOs.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> The science of this process has been slow to develop due to the secretive nature of the way most companies run their boards, however some standardization is beginning to develop. Some who are pushing for this standardization in the US are the <a href="/wiki/National_Association_of_Corporate_Directors" title="National Association of Corporate Directors">National Association of Corporate Directors</a>, <a href="/wiki/McKinsey_%26_Company" title="McKinsey & Company">McKinsey</a> and The Board Group. </p> <div class="mw-heading mw-heading3"><h3 id="Board_meetings">Board meetings</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=9" title="Edit section: Board meetings"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A board of directors conducts its meetings according to the rules and procedures contained in its governing documents. These procedures may allow the board to conduct its business by <a href="/wiki/Conference_call" title="Conference call">conference call</a> or other <a href="/wiki/Videoconferencing" class="mw-redirect" title="Videoconferencing">electronic</a> means. They may also specify how a <a href="/wiki/Quorum" title="Quorum">quorum</a> is to be determined.<sup id="cite_ref-:2_15-0" class="reference"><a href="#cite_note-:2-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Non-corporate_boards">Non-corporate boards</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=10" title="Edit section: Non-corporate boards"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The responsibilities of a board of directors vary depending on the nature and type of business entity and the laws applying to the entity (see <a href="/wiki/Types_of_business_entity" class="mw-redirect" title="Types of business entity">types of business entity</a>). For example, the nature of the business entity may be one that is traded on a public market (public company), not traded on a public market (a private, limited or closely held company), owned by family members (a family business), or exempt from income taxes (a non-profit, not for profit, or tax-exempt entity). There are numerous types of business entities available throughout the world such as a corporation, limited liability company, cooperative, business trust, partnership, private limited company, and public limited company. </p><p>Much of what has been written about boards of directors relates to boards of directors of business entities actively traded on public markets.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> More recently, however, material is becoming available for boards of private and closely held businesses including family businesses.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>A <a href="/wiki/Board-only" class="mw-redirect" title="Board-only">board-only</a> organization is one whose board is self-appointed, rather than being accountable to a base of members through elections; or in which the powers of the membership are extremely limited.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (July 2012)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Membership_organizations">Membership organizations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=11" title="Edit section: Membership organizations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Voluntary_association" title="Voluntary association">membership organizations</a>, such as a society made up of members of a certain profession or one advocating a certain cause, a board of directors may have the responsibility of running the organization in between meetings of the membership, especially if the membership meets infrequently, such as only at an <a href="/wiki/Annual_general_meeting" title="Annual general meeting">annual general meeting</a>. The amount of powers and authority delegated to the board depend on the bylaws and rules of the particular organization. Some organizations place matters exclusively in the board's control while in others, the general membership retains full power and the board can only make recommendations.<sup id="cite_ref-FOOTNOTERobert2011481–483_4-1" class="reference"><a href="#cite_note-FOOTNOTERobert2011481–483-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>The setup of a board of directors vary widely across organizations and may include provisions that are applicable to corporations, in which the "shareholders" are the members of the organization. A difference may be that the membership elects the officers of the organization, such as the president and the secretary, and the officers become members of the board in addition to the directors and retain those duties on the board.<sup id="cite_ref-FOOTNOTERobert2011484_7-1" class="reference"><a href="#cite_note-FOOTNOTERobert2011484-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The directors may also be classified as officers in this situation.<sup id="cite_ref-FOOTNOTERobert2011572_18-0" class="reference"><a href="#cite_note-FOOTNOTERobert2011572-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> There may also be ex-officio members of the board, or persons who are members due to another position that they hold. These ex-officio members have all the same rights as the other board members.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>Members of the board may be removed before their term is complete. Details on how they can be removed are usually provided in the bylaws. If the bylaws do not contain such details, the section on disciplinary procedures in <i><a href="/wiki/Robert%27s_Rules_of_Order" title="Robert's Rules of Order">Robert's Rules of Order</a></i> may be used.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Corporations">Corporations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=12" title="Edit section: Corporations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In a <a href="/wiki/Public_company" title="Public company">publicly held company</a>, directors are elected to represent and are legally obligated as fiduciaries to represent owners of the company—the <a href="/wiki/Shareholder" title="Shareholder">shareholders</a>/stockholders. In this capacity they establish policies and make decisions on issues such as whether there is <a href="/wiki/Dividend" title="Dividend">dividend</a> and how much it is, <a href="/wiki/Employee_stock_option" title="Employee stock option">stock options</a> distributed to employees, and the hiring/firing and <a href="/wiki/Executive_pay" class="mw-redirect" title="Executive pay">compensation of upper management</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Governance">Governance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=13" title="Edit section: Governance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Theoretically, the control of a company is divided between two bodies: the board of directors, and the <a href="/wiki/Shareholder" title="Shareholder">shareholders</a> in <a href="/wiki/General_meeting" class="mw-redirect" title="General meeting">general meeting</a>. In practice, the amount of power exercised by the board varies with the type of company. In small private companies, the directors and the shareholders are normally the same people, and thus there is no real division of power. In large <a href="/wiki/Public_company" title="Public company">public companies</a>, the board tends to exercise more of a supervisory role, and individual responsibility and management tends to be delegated downward to individual professional executives (such as a finance director or a marketing director) who deal with particular areas of the company's affairs.<sup id="cite_ref-CRI_21-0" class="reference"><a href="#cite_note-CRI-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>Another feature of boards of directors in large public companies is that the board tends to have more <i><a href="/wiki/De_facto" title="De facto">de facto</a></i> power. Most shareholders do not attend shareholder meetings, but rather cast proxy votes via mail, phone, or internet, thus allowing the board to vote for them. However, proxy votes are not a total delegation of the voting power, as the board must vote the proxy shares as directed by their owner even when it contradicts the board's views. In addition, many shareholders vote to accept all recommendations of the board rather than try to get involved in management, since each shareholder's power, as well as interest and information is so small. Larger institutional investors also grant the board proxies. The large number of shareholders also makes it hard for them to organize. However, there have been moves recently to try to increase <a href="/wiki/Shareholder_activism" title="Shareholder activism">shareholder activism</a> among both institutional investors and individuals with small shareholdings.<sup id="cite_ref-CRI_21-1" class="reference"><a href="#cite_note-CRI-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>A contrasting view is that in large public companies it is upper management and not boards that wield practical power, because boards delegate nearly all of their power to the top executive employees, adopting their recommendations almost without fail. As a practical matter, executives even choose the directors, with shareholders normally following management recommendations and voting for them. </p><p>In most cases, serving on a board is not a <a href="/wiki/Career" title="Career">career</a> unto itself. For major corporations, the board members are usually professionals or leaders in their field. In the case of outside directors, they are often senior leaders of other organizations. Nevertheless, board members often receive remunerations amounting to hundreds of thousands of dollars per year since they often sit on the boards of several companies. Inside directors are usually not paid for sitting on a board, but the duty is instead considered part of their larger job description. Outside directors are usually paid for their services. These remunerations vary between corporations, but usually consist of a yearly or monthly salary, additional compensation for each meeting attended, stock options, and various other benefits. such as travel, hotel and meal expenses for the board meetings. <a href="/wiki/Tiffany_%26_Co." title="Tiffany & Co.">Tiffany & Co.</a>, for example, pays directors an annual retainer of $46,500, an additional annual retainer of $2,500 if the director is also a chairperson of a committee, a per-meeting-attended fee of $2,000 for meetings attended in person, a $500 fee for each meeting attended via telephone, in addition to stock options and retirement benefits.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>Academic research has identified different types of board directors. Their characteristics and experiences shape their role and performance. For instance, directors with multiple mandates are often referred to as busy directors. Their monitoring performance is considered to be comparatively weak due to the limited time they can dedicate to this task.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> Overconfident directors are found to pay higher premiums in corporate acquisitions and make worse takeover choices.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Locally rooted directors tend to be overrepresented and lack international experience, which can lead to lower valuations, especially in internationally oriented firms.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> Directors' military experience is associated with rigorous monitoring and improved corporate governance.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Two-tier_system">Two-tier system</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=14" title="Edit section: Two-tier system"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In some European and Asian countries, there are two separate boards, an executive board (or management board) for day-to-day business and a <a href="/wiki/Supervisory_board" title="Supervisory board">supervisory board</a> (elected by the shareholders and employees) for supervising the executive board. In these countries, the chairman of the supervisory board is equivalent to the chairman of a single-tier board, while the chairman of the management board is reckoned as the company's CEO or <a href="/wiki/Managing_director" class="mw-redirect" title="Managing director">managing director</a>. These two roles are always held by different people. This ensures a distinction between <a href="/wiki/Management" title="Management">management</a> by the executive board and <a href="/wiki/Corporate_governance" title="Corporate governance">governance</a> by the supervisory board and allows for clear lines of authority. The aim is to prevent a <a href="/wiki/Conflict_of_interest" title="Conflict of interest">conflict of interest</a> and too much power being concentrated in the hands of one person. There is a strong parallel here with the structure of government, which tends to separate the political <a href="/wiki/Cabinet_(government)" title="Cabinet (government)">cabinet</a> from the management <a href="/wiki/Civil_service" title="Civil service">civil service</a>. </p><p>In the United States, the board of directors (elected by the shareholders) is often equivalent to the supervisory board, while the executive board may often be known as the executive committee (operating committee or executive council), composed of the CEO and their direct reports (other C-level officers, division/subsidiary heads). </p><p>Board structures and procedures vary both within and among <a href="/wiki/OECD" title="OECD">OECD</a> countries. Some countries have two-tier boards that separate the supervisory function and the management function into different bodies. Such systems typically have a "supervisory board" composed of nonexecutive board members and a "management board" composed entirely of executives. Other countries have "unitary" boards, which bring together executive and non-executive board members. In some countries there is also an additional statutory body for audit purposes. The OECD Principles are intended to be sufficiently general to apply to whatever board structure is charged with the functions of governing the enterprise and monitoring management.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="History">History</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=15" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Globalize plainlinks metadata ambox ambox-content ambox-globalize" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="Globe icon." src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/48px-Ambox_globe_content.svg.png" decoding="async" width="48" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/73px-Ambox_globe_content.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/97px-Ambox_globe_content.svg.png 2x" data-file-width="350" data-file-height="290" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">The examples and perspective in this section <b>deal primarily with the United Kingdom and do not represent a <a href="/wiki/Wikipedia:WikiProject_Countering_systemic_bias" title="Wikipedia:WikiProject Countering systemic bias">worldwide view</a> of the subject</b>.<span class="hide-when-compact"> You may <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Board_of_directors&action=edit">improve this section</a>, discuss the issue on the <a href="/wiki/Talk:Board_of_directors" title="Talk:Board of directors">talk page</a>, or create a new section, as appropriate.</span> <span class="date-container"><i>(<span class="date">April 2016</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>The development of a separate board of directors to manage/govern/oversee a company has occurred incrementally and indefinitely over legal history. Until the end of the 19th century, it seems to have been generally assumed that the general meeting (of all shareholders) was the supreme organ of a company, and that the board of directors merely acted as an agent of the company subject to the control of the shareholders in general meeting.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>However, by 1906, the <a href="/wiki/Court_of_Appeal_of_England_and_Wales" class="mw-redirect" title="Court of Appeal of England and Wales">English Court of Appeal</a> had made it clear in the decision of <i><a href="/wiki/Automatic_Self-Cleansing_Filter_Syndicate_Co_Ltd_v_Cuninghame" title="Automatic Self-Cleansing Filter Syndicate Co Ltd v Cuninghame">Automatic Self-Cleansing Filter Syndicate Co Ltd v Cuninghame</a></i> [1906] 2 Ch 34 that the division of powers between the board and the shareholders in general meaning depended on the construction of the <a href="/wiki/Articles_of_Association_(law)" class="mw-redirect" title="Articles of Association (law)">articles of association</a> and that, where the powers of management were vested in the board, the general meeting could not interfere with their lawful exercise. The articles were held to constitute a contract by which the members had agreed that "the directors and the directors alone shall manage."<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p>The new approach did not secure immediate approval, but it was endorsed by the <a href="/wiki/Judicial_functions_of_the_House_of_Lords" title="Judicial functions of the House of Lords">House of Lords</a> in <i>Quin & Axtens v Salmon</i> [1909] AC 442 and has since received general acceptance. Under English law, successive versions of <a href="/wiki/Table_A" title="Table A">Table A</a> have reinforced the norm that, unless the directors are acting contrary to the law or the provisions of the Articles, the powers of conducting the management and affairs of the company are vested in them. </p><p>The modern doctrine was expressed in <i><a href="/wiki/John_Shaw_%26_Sons_(Salford)_Ltd_v_Shaw" title="John Shaw & Sons (Salford) Ltd v Shaw">John Shaw & Sons (Salford) Ltd v Shaw</a></i> [1935] 2 KB 113 by <a href="/wiki/Frederick_Greer,_1st_Baron_Fairfield" class="mw-redirect" title="Frederick Greer, 1st Baron Fairfield">Greer LJ</a> as follows: </p> <blockquote><p>A company is an entity distinct alike from its shareholders and its directors. Some of its powers may, according to its articles, be exercised by directors, certain other powers may be reserved for the shareholders in general meeting. If powers of management are vested in the directors, they and they alone can exercise these powers. The only way in which the general body of shareholders can control the exercise of powers by the articles in the directors is by altering the articles, or, if opportunity arises under the articles, by refusing to re-elect the directors of whose actions they disapprove. They cannot themselves usurp the powers which by the articles are vested in the directors any more than the directors can usurp the powers vested by the articles in the general body of shareholders. </p></blockquote> <p>It has been remarked<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Words_to_watch#Unsupported_attributions" title="Wikipedia:Manual of Style/Words to watch"><span title="The material near this tag may use weasel words or too-vague attribution. (April 2016)">by whom?</span></a></i>]</sup> that this development in the law was somewhat surprising at the time, as the relevant provisions in <a href="/wiki/Table_A" title="Table A">Table A</a> (as it was then) seemed to contradict this approach rather than to endorse it.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Election_and_removal">Election and removal</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=16" title="Edit section: Election and removal"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Globalize plainlinks metadata ambox ambox-content ambox-globalize" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="Globe icon." src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/48px-Ambox_globe_content.svg.png" decoding="async" width="48" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/73px-Ambox_globe_content.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/97px-Ambox_globe_content.svg.png 2x" data-file-width="350" data-file-height="290" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">The examples and perspective in this section <b>deal primarily with the United States and do not represent a <a href="/wiki/Wikipedia:WikiProject_Countering_systemic_bias" title="Wikipedia:WikiProject Countering systemic bias">worldwide view</a> of the subject</b>.<span class="hide-when-compact"> You may <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Board_of_directors&action=edit">improve this section</a>, discuss the issue on the <a href="/wiki/Talk:Board_of_directors" title="Talk:Board of directors">talk page</a>, or create a new section, as appropriate.</span> <span class="date-container"><i>(<span class="date">May 2018</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>In most legal systems, the appointment and removal of directors is voted upon by the shareholders in general meeting<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>a<span class="cite-bracket">]</span></a></sup> or through a <a href="/wiki/Proxy_statement" title="Proxy statement">proxy statement</a>. For publicly traded companies in the U.S., the directors which are available to vote on are largely selected by either the board as a whole or a <a href="/wiki/Nominating_committee" class="mw-redirect" title="Nominating committee">nominating committee</a>.<sup id="cite_ref-Shivdasani1999_32-0" class="reference"><a href="#cite_note-Shivdasani1999-32"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> Although in 2002 the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> and the <a href="/wiki/NASDAQ" class="mw-redirect" title="NASDAQ">NASDAQ</a> required that nominating committees consist of independent directors as a condition of listing,<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> nomination committees have historically received input from management in their selections even when the CEO does not have a position on the board.<sup id="cite_ref-Shivdasani1999_32-1" class="reference"><a href="#cite_note-Shivdasani1999-32"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> Shareholder nominations can only occur at the general meeting itself or through the prohibitively expensive process of mailing out ballots separately; in May 2009 the SEC proposed a new rule allowing shareholders meeting certain criteria to add nominees to the proxy statement.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup><b><sup class="reference nowrap"><span title="Page / location: 1">: 1 </span></sup></b><sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> In practice for publicly traded companies, the managers (<a href="/wiki/Inside_director" title="Inside director">inside directors</a>) who are purportedly accountable to the board of directors have historically played a major role in selecting and nominating the directors who are voted on by the shareholders, in which case more "gray outsider directors" (independent directors with <a href="/wiki/Conflict_of_interest" title="Conflict of interest">conflicts of interest</a>) are nominated and elected.<sup id="cite_ref-Shivdasani1999_32-2" class="reference"><a href="#cite_note-Shivdasani1999-32"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p>In countries with <a href="/wiki/Co-determination" class="mw-redirect" title="Co-determination">co-determination</a>, a fixed fraction of the board is elected by the corporation's workers. </p><p>Directors may also leave office by resignation or death. In some legal systems, directors may also be removed by a resolution of the remaining directors (in some countries they may only do so "with cause"; in others the power is unrestricted). </p><p>Some jurisdictions also permit the board of directors to appoint directors, either to fill a vacancy which arises on resignation or death, or as an addition to the existing directors.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2018)">citation needed</span></a></i>]</sup> </p><p>In practice, it can be quite difficult to remove a director by a resolution in general meeting. In many legal systems, the director has a right to receive special notice of any resolution to remove them;<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>b<span class="cite-bracket">]</span></a></sup> the company must often supply a copy of the proposal to the director, who is usually entitled to be heard by the meeting.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>c<span class="cite-bracket">]</span></a></sup> The director may require the company to circulate any representations that they wish to make.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>d<span class="cite-bracket">]</span></a></sup> Furthermore, the director's contract of service will usually entitle them to compensation if they are removed, and may often include a generous "<a href="/wiki/Golden_parachute" title="Golden parachute">golden parachute</a>" which also acts as a deterrent to removal.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2009)">citation needed</span></a></i>]</sup> </p><p>A 2010 study examined how corporate shareholders voted in director elections in the United States.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> It found that directors received fewer votes from shareholders when their companies performed poorly, had excess CEO compensation, or had poor shareholder protection. Also, directors received fewer votes when they did not regularly attend board meetings or received negative recommendations from a proxy advisory firm. The study also shows that companies often improve their corporate governance by removing <a href="/wiki/Shareholder_rights_plan" title="Shareholder rights plan">poison pills</a> or classified boards and by reducing excessive CEO pay after their directors receive low shareholder support.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p><p>Board accountability to shareholders is a recurring issue. In September 2010, <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i> noted that several directors who had overseen companies which had failed in the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a> had found new positions as directors.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> The SEC sometimes imposes a ban (a "D&O bar") on serving on a board as part of its fraud cases, and one of these was upheld in 2013.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Exercise_of_powers">Exercise of powers</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=17" title="Edit section: Exercise of powers"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The exercise by the board of directors of its powers usually occurs in board meetings. Most legal systems require sufficient notice to be given to all directors of these meetings, and that a <a href="/wiki/Quorum" title="Quorum">quorum</a> must be present before any business may be conducted. Usually, a meeting which is held without notice having been given is still valid if all of the directors attend, but it has been held that a failure to give notice may negate resolutions passed at a meeting, because the persuasive oratory of a minority of directors might have persuaded the majority to change their minds and vote otherwise.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p><p>In most <a href="/wiki/Common_law" title="Common law">common law</a> countries, the powers of the board are vested in the board as a whole, and not in the individual directors.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> However, in instances an individual director may still bind the company by their acts by virtue of their <a href="/wiki/Ostensible_authority" class="mw-redirect" title="Ostensible authority">ostensible authority</a> (see also: <a href="/wiki/Royal_British_Bank_v_Turquand" title="Royal British Bank v Turquand">the rule in <i>Turquand's Case</i></a>). </p> <div class="mw-heading mw-heading3"><h3 id="Duties">Duties</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=18" title="Edit section: Duties"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Directors%27_duties" title="Directors' duties">Directors' duties</a> and <a href="/wiki/Fiduciary_duties" class="mw-redirect" title="Fiduciary duties">Fiduciary duties</a></div> <p>Because directors exercise control and management over the organization, but organizations are (in theory) run for the benefit of the <a href="/wiki/Shareholder" title="Shareholder">shareholders</a>, the law imposes strict duties on directors in relation to the exercise of their duties. The duties imposed on directors are <a href="/wiki/Fiduciary" title="Fiduciary">fiduciary</a> duties, similar to those that the law imposes on those in similar positions of trust: <a href="/wiki/Agency_(law)" class="mw-redirect" title="Agency (law)">agents</a> and <a href="/wiki/Trustee" title="Trustee">trustees</a>. </p><p>The duties apply to each director separately, while the powers apply to the board jointly. Also, the duties are owed to the company itself, and not to any other entity.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> This does not mean that directors can never stand in a fiduciary relationship to the individual shareholders; they may well have such a duty in certain circumstances.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id=""Proper_purpose""><span id=".22Proper_purpose.22"></span>"Proper purpose"</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=19" title="Edit section: "Proper purpose""><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Directors must exercise their powers for a proper purpose. While in many instances an improper purpose is readily evident, such as a director looking to enrich themselves or divert an investment opportunity to a relative, such breaches usually involve a breach of the director's duty to act in good faith. Greater difficulties arise where the director, while acting in good faith, is serving a purpose that is not regarded by the law as proper. </p><p>The seminal authority in the United Kingdom in relation to what amounts to a proper purpose is the <a href="/wiki/United_Kingdom_Supreme_Court" class="mw-redirect" title="United Kingdom Supreme Court">Supreme Court</a> decision in Eclairs Group Ltd v JKX Oil & Gas plc (2015).<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> The case concerned the powers of directors under the <a href="/wiki/Articles_of_association" title="Articles of association">articles of association</a> of the company to disenfranchise voting rights attached to shares for failure to properly comply with notice served on the shareholders. Prior to that case the leading authority was <i><a href="/wiki/Howard_Smith_Ltd_v_Ampol_Ltd" class="mw-redirect" title="Howard Smith Ltd v Ampol Ltd">Howard Smith Ltd v Ampol Ltd</a></i> [1974] AC 821. The case concerned the power of the directors to issue new <a href="/wiki/Share_capital" title="Share capital">shares</a>.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> It was alleged that the directors had issued many new shares purely to deprive a particular shareholder of his voting majority. An argument that the power to issue shares could only be properly exercised to raise new capital was rejected as too narrow, and it was held that it would be a proper exercise of the director's powers to issue shares to a larger company to ensure the financial stability of the company, or as part of an agreement to exploit mineral rights owned by the company.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> If so, the mere fact that an incidental result (even if it was a desired consequence) was that a shareholder lost their majority, or a takeover bid was defeated, this would not itself make the share issue improper. But if the sole purpose was to destroy a voting majority, or block a takeover bid, that would be an improper purpose. </p><p>Not all jurisdictions recognised the "proper purpose" duty as separate from the "good faith" duty however.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>e<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id=""Unfettered_discretion""><span id=".22Unfettered_discretion.22"></span>"Unfettered discretion"</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=20" title="Edit section: "Unfettered discretion""><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Directors cannot, without the consent of the company, fetter their <a href="/wiki/Discretion" title="Discretion">discretion</a> in relation to the exercise of their powers, and cannot bind themselves to vote in a particular way at future board meetings.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>f<span class="cite-bracket">]</span></a></sup> This is so even if there is no improper motive or purpose, and no personal advantage to the director. </p><p>This does not mean, however, that the board cannot agree to the company entering into a contract which binds the company to a certain course, even if certain actions in that course will require further board approval. The company remains bound, but the directors retain the discretion to vote against taking the future actions (although that may involve a breach by the company of the <a href="/wiki/Contract" title="Contract">contract</a> that the board previously approved). </p> <div class="mw-heading mw-heading4"><h4 id=""Conflict_of_duty_and_interest""><span id=".22Conflict_of_duty_and_interest.22"></span>"Conflict of duty and interest"</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=21" title="Edit section: "Conflict of duty and interest""><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As fiduciaries, the directors may not put themselves in a position where their interests and duties conflict with the duties that they owe to the company. The law takes the view that good faith must not only be done, but must be manifestly seen to be done, and zealously patrols the conduct of directors in this regard; and will not allow directors to escape liability by asserting that their decisions were in fact well founded. Traditionally, the law has divided conflicts of duty and interest into three sub-categories: </p> <div class="mw-heading mw-heading5"><h5 id="1._Transactions_with_the_company">1. Transactions with the company</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=22" title="Edit section: 1. Transactions with the company"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>By definition, where a director enters into a transaction with a company, there is a conflict between the director's interest (to enrich themselves with the transaction) and their duty to the company (to ensure that the company gets as much as it can out of the transaction). In some places, this rule is so strictly enforced that, even where the <a href="/wiki/Conflict_of_interest" title="Conflict of interest">conflict of interest</a> or conflict of duty is purely hypothetical, the directors can be forced to disgorge all personal gains arising from it. In <i>Aberdeen Ry v Blaikie</i> (1854) 1 Macq HL 461 <a href="/wiki/Robert_Rolfe,_1st_Baron_Cranworth" title="Robert Rolfe, 1st Baron Cranworth">Lord Cranworth</a> stated in his judgment that: </p> <dl><dd>"A corporate body can only act by agents, and it is, of course, the duty of those agents so to act as best to promote the interests of the corporation whose affairs they are conducting. Such agents have duties to discharge of a fiduciary nature towards their principal. And it is a rule of universal application that no one, having such duties to discharge, shall be allowed to enter into engagements in which he has, <i>or can have</i>, a personal interest conflicting <i>or which possibly may conflict</i>, with the interests of those whom he is bound to protect... So strictly is this principle adhered to that no question is allowed to be raised as to the fairness or unfairness of the contract entered into..." (<i>emphasis</i> added)</dd></dl> <p>However, in many jurisdictions the members of the company are permitted to ratify transactions which would otherwise fall foul of this principle. It is also largely accepted in most jurisdictions that this principle can be overridden in the company's constitution. </p><p>In many countries, there is also a statutory duty to declare interests in relation to any transactions, and the director can be fined for failing to make disclosure.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>g<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading5"><h5 id="2._Use_of_corporate_property,_opportunity,_or_information"><span id="2._Use_of_corporate_property.2C_opportunity.2C_or_information"></span>2. Use of corporate property, opportunity, or information</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=23" title="Edit section: 2. Use of corporate property, opportunity, or information"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Directors must not, without the informed consent of the company, use for their own profit the company's assets, <a href="/wiki/Corporate_opportunity" title="Corporate opportunity">opportunities</a>, or information. This prohibition is much less flexible than the prohibition against the transactions with the company, and attempts to circumvent it using provisions in the articles have met with limited success. </p><p>In <i><a href="/wiki/Regal_(Hastings)_v_Gulliver" class="mw-redirect" title="Regal (Hastings) v Gulliver">Regal (Hastings) Ltd v Gulliver</a></i> [1942] All ER 378 the House of Lords, in upholding what was regarded as a wholly unmeritorious claim by the shareholders,<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>h<span class="cite-bracket">]</span></a></sup> held that: </p> <dl><dd>"(i) that what the directors did was so related to the affairs of the company that it can properly be said to have been done in the course of their management and in the utilisation of their opportunities and special knowledge as directors; and (ii) that what they did resulted in profit to themselves."</dd></dl> <p>And accordingly, the directors were required to disgorge the profits that they made, and the shareholders received their windfall. </p><p>The decision has been followed in several subsequent cases,<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> and is now regarded as settled law. </p> <div class="mw-heading mw-heading5"><h5 id="3._Competing_with_the_company">3. Competing with the company</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=24" title="Edit section: 3. Competing with the company"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Directors cannot compete directly with the company without a conflict of interest arising. Similarly, they should not act as directors of competing companies, as their duties to each company would then conflict with each other. </p> <div class="mw-heading mw-heading4"><h4 id="Common_law_duties_of_care_and_skill">Common law duties of care and skill</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=25" title="Edit section: Common law duties of care and skill"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Traditionally, the level of care and skill which has to be demonstrated by a director has been framed largely with reference to the non-executive director. In <i><a href="/wiki/Re_City_Equitable_Fire_Insurance_Co" title="Re City Equitable Fire Insurance Co">Re City Equitable Fire Insurance Co</a></i> [1925] Ch 407, it was expressed in purely subjective terms, where the court held that: </p> <dl><dd>"a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of <i>his</i> knowledge and experience." (<i>emphasis</i> added)</dd></dl> <p>However, this decision was based firmly in the older notions (see above) that prevailed at the time as to the mode of corporate decision making, and effective control residing in the shareholders; if they elected and put up with an incompetent decision maker, they should not have recourse to complain. </p><p>However, a more modern approach has since developed, and in <i><a href="/wiki/Dorchester_Finance_Co_Ltd_v_Stebbing" title="Dorchester Finance Co Ltd v Stebbing">Dorchester Finance Co Ltd v Stebbing</a></i> [1989] BCLC 498 the court held that the rule in <i>Equitable Fire</i> related only to skill, and not to diligence. With respect to diligence, what was required was: </p> <dl><dd>"such care as an ordinary man might be expected to take on his own behalf."</dd></dl> <p>This was a dual subjective and objective test, and one deliberately pitched at a higher level. </p><p>More recently, it has been suggested that both the tests of skill and diligence should be assessed objectively and subjectively; in the United Kingdom, the statutory provisions relating to directors' duties in the new <a href="/wiki/Companies_Act_2006" title="Companies Act 2006">Companies Act 2006</a> have been codified on this basis.<sup id="cite_ref-NormanGoddard_55-0" class="reference"><a href="#cite_note-NormanGoddard-55"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Remedies_for_breach_of_duty">Remedies for breach of duty</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=26" title="Edit section: Remedies for breach of duty"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In most jurisdictions, the law provides for a variety of remedies in the event of a breach by the directors of their duties: </p> <ul><li><a href="/wiki/Account_of_profits" title="Account of profits">Account of profits</a></li> <li><a href="/wiki/Damages" title="Damages">Damages</a> or compensation</li> <li><a href="/wiki/Injunction" title="Injunction">Injunction</a> or <a href="/wiki/Declaration_(law)" title="Declaration (law)">declaration</a></li> <li><a href="/wiki/Rescission_(contract_law)" title="Rescission (contract law)">Rescission</a> of the relevant <a href="/wiki/Contract" title="Contract">contract</a></li> <li>Restoration of the company's property</li> <li><a href="/wiki/Termination_of_employment#Summary_termination" title="Termination of employment">Summary dismissal</a></li></ul> <div class="mw-heading mw-heading4"><h4 id="Current_trends">Current trends</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=27" title="Edit section: Current trends"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Historically, directors' duties have been owed almost exclusively to the company and its members, and the board was expected to exercise its powers for the <a href="/wiki/Corporate_benefit" class="mw-redirect" title="Corporate benefit">financial benefit</a> of the company. However, more recently there have been attempts to "soften" the position, and provide for more scope for directors to act as good corporate citizens. For example, in the United Kingdom, the <a href="/wiki/Companies_Act_2006" title="Companies Act 2006">Companies Act 2006</a> requires directors of companies "to promote the success of the company for the benefit of its members as a whole" and sets out the following six factors regarding a director's duty to promote success: </p> <ul><li>The likely consequences of any decision in the long term</li> <li>The interests of the company's employees</li> <li>The need to foster the company's business relationships with suppliers, customers and others</li> <li>The impact of the company's operations on the community and the environment</li> <li>The desirability of the company maintaining a reputation for high standards of business conduct</li> <li>The need to act fairly as between members of a company</li></ul> <p>This represents a considerable departure from the traditional notion that directors' duties are owed only to the company. Previously in the United Kingdom, under the <a href="/wiki/Companies_Act_1985" title="Companies Act 1985">Companies Act 1985</a>, protections for non-member stakeholders were considerably more limited (see, for example, s.309 which permitted directors to take into account the interests of employees but which could only be enforced by the shareholders and not by the employees themselves). The changes have therefore been the subject of some criticism.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p><p><b>Board of directors technology</b> </p><p>The adoption of technology that facilitates the meeting preparation and execution of directors continues to grow.<sup id="cite_ref-:0_57-0" class="reference"><a href="#cite_note-:0-57"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> Board directors are increasingly leveraging this technology to communicate and collaborate within a secure environment to access meeting materials, communicate with each other, and execute their governance responsibilities.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> This trend is particularly acute in the United States where a robust market of early adopters garnered acceptance of board software by organizations resulting in higher penetration of the board portal services in the region.<sup id="cite_ref-:0_57-1" class="reference"><a href="#cite_note-:0-57"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="The_board_and_society">The board and society</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=28" title="Edit section: The board and society"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Most companies have weak mechanisms for bringing the voice of society into the board room. They rely on personalities who were not appointed for their understanding of societal issues. Often they give limited focus (both through time and financial resource) to issues of corporate responsibility and sustainability. A social board<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> has society designed into its structure. It elevates the voice of society through specialist appointments to the board and mechanisms that empower innovation from within the organisation. Social boards align themselves with themes that are important to society. These may include measuring worker pay ratios, linking personal social and environmental objectives to remuneration, integrated reporting, fair tax and B-Corp certification. </p><p>Social boards recognise that they are part of society and that they require more than a licence to operate to succeed. They balance short-term shareholder pressure against long-term value creation, managing the business for a plurality of stakeholders including employees, shareholders, supply chains and civil society. </p> <div class="mw-heading mw-heading3"><h3 id="United_States">United States</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=29" title="Edit section: United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="Sarbanes–Oxley_Act"><span id="Sarbanes.E2.80.93Oxley_Act"></span>Sarbanes–Oxley Act</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=30" title="Edit section: Sarbanes–Oxley Act"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Sarbanes%E2%80%93Oxley_Act" title="Sarbanes–Oxley Act">Sarbanes–Oxley Act</a> of 2002 has introduced new standards of accountability on boards of U.S. companies or companies listed on U.S. <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchanges</a>. Under the act, directors risk large fines and prison sentences in the case of accounting crimes. <a href="/wiki/Internal_control" title="Internal control">Internal control</a> is now the direct responsibility of directors. The vast majority of companies covered by the act have hired internal auditors to ensure that the company adheres to required standards of internal control. The internal auditors are required by law to report directly to an audit board, consisting of directors more than half of whom are outside directors, one of whom is a "financial expert". </p><p>The law requires companies listed on the major stock exchanges (NYSE, NASDAQ) to have a majority of independent directors—directors who are not otherwise employed by the firm or in a business relationship with it. </p> <div class="mw-heading mw-heading4"><h4 id="Size">Size</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=31" title="Edit section: Size"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to the Corporate Library's study, the average size of publicly traded company's board is 9.2 members, and most boards range from 3 to 31 members. According to Investopedia, some analysts think the ideal size is seven.<sup id="cite_ref-BoD_60-0" class="reference"><a href="#cite_note-BoD-60"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> State law may specify a minimum number of directors, maximum number of directors, and qualifications for directors (e.g. whether board members must be individuals or may be business entities).<sup id="cite_ref-BoD2_61-0" class="reference"><a href="#cite_note-BoD2-61"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-BoD3_62-0" class="reference"><a href="#cite_note-BoD3-62"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Committees">Committees</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=32" title="Edit section: Committees"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>While a board may have several committees, two—the compensation committee and audit committee—are critical and must be made up of at least three <a href="/wiki/Independent_director" title="Independent director">independent directors</a> and no inside directors. Other common committees in boards are nominating and governance.<sup id="cite_ref-BoD_60-1" class="reference"><a href="#cite_note-BoD-60"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Compensation">Compensation</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=33" title="Edit section: Compensation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Directors of <a href="/wiki/Fortune_500" title="Fortune 500">Fortune 500</a> companies received median pay of $234,000 in 2011. Directorship is a part-time job. A 2011 study by the <a href="/wiki/National_Association_of_Corporate_Directors" title="National Association of Corporate Directors">National Association of Corporate Directors</a> in the United States estimated that directors averaged 4.3 hours a week on board work.<sup id="cite_ref-comp_64-0" class="reference"><a href="#cite_note-comp-64"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> Surveys have indicated that about 20% of <a href="/wiki/Nonprofit_foundation" class="mw-redirect" title="Nonprofit foundation">nonprofit foundations</a> pay their board members,<sup id="cite_ref-Schambra_65-0" class="reference"><a href="#cite_note-Schambra-65"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> and 2% of American <a href="/wiki/Nonprofit_organization" title="Nonprofit organization">nonprofit organizations</a> do.<sup id="cite_ref-FOOTNOTEBoardSource201552_66-0" class="reference"><a href="#cite_note-FOOTNOTEBoardSource201552-66"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> 80% of nonprofit organizations require board members to personally contribute to the organization.<sup id="cite_ref-FOOTNOTEBoardSource201531_68-0" class="reference"><a href="#cite_note-FOOTNOTEBoardSource201531-68"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> As of 2007, this percentage had increased in recent years.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Words_to_watch#Relative_time_references" title="Wikipedia:Manual of Style/Words to watch"><span title="Clarify the applicable timeframe so that it is unambiguous when read at a later date. (December 2021)">timeframe?</span></a></i>]</sup><sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Criticism">Criticism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=34" title="Edit section: Criticism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to John Gillespie, a former investment banker and co-author of a book critical of boards,<sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> "Far too much of their time has been for check-the-box and cover-your-behind activities rather than real monitoring of executives and providing strategic advice on behalf of shareholders".<sup id="cite_ref-comp_64-1" class="reference"><a href="#cite_note-comp-64"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> At the same time, scholars have found that individual directors have a large effect on major corporate initiatives such as mergers and acquisitions<sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> and cross-border investments.<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> </p><p>According to the International Institute of Management, the rise in investor dissatisfaction, class-action lawsuits and shareholder activism has resulted in more attention directed toward the board of directors and the lack of corporate governance accountability. Shareholders' complaints include issues such as excessive executive compensation and passive participation (lack of proper governance) of the board members. The journal paper cites examples of underperforming CEOs of Fortune 500 companies who took compensation and retirement package in hundreds of millions of dollars while the stock price of their companies lost billions of dollars. The research proposes institutionalizing a standardized board evaluation framework to help balance between the executive compensation and protecting the interest of shareholders<sup id="cite_ref-76" class="reference"><a href="#cite_note-76"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> </p><p>The issue of <a href="/wiki/Gender_representation_on_corporate_boards_of_directors" title="Gender representation on corporate boards of directors">gender representation on corporate boards of directors</a> has been the subject of much criticism in recent years. Governments and corporations have responded with measures such as legislation mandating gender quotas and <a href="/wiki/Comply_or_explain" title="Comply or explain">comply or explain</a> systems to address the disproportionality of gender representation on corporate boards.<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> A study of the French corporate elite has found that certain social classes are also disproportionately represented on boards, with those from the upper and, especially, upper-middle classes tending to dominate.<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=35" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 30em;"> <ul><li><a href="/wiki/Alternate_director" title="Alternate director">Alternate director</a></li> <li><a href="/wiki/Celebrity_board_director" title="Celebrity board director">Celebrity board director</a></li> <li><a href="/wiki/Governing_boards_of_colleges_and_universities_in_the_United_States" title="Governing boards of colleges and universities in the United States">Governing boards of colleges and universities in the United States</a></li> <li><a href="/wiki/Parliamentary_procedure_in_the_corporate_world" title="Parliamentary procedure in the corporate world">Parliamentary procedure in the corporate world</a></li> <li><i><a href="/wiki/Vorstand" title="Vorstand">Vorstand</a></i>, German for 'management board'</li> <li><a href="/wiki/Worker_representation_on_corporate_boards_of_directors" title="Worker representation on corporate boards of directors">Worker representation on corporate boards of directors</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=36" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-lower-alpha"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text">For example, in the United Kingdom, see section 303 of the Companies Act 1985.</span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text">In the United Kingdom it is 28 days' notice, see sections 303(2) and 379 of the Companies Act 1985.</span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text">In the United Kingdom, see section 304(1) of the Companies Act 1985. A private company cannot use a written resolution under section 381A – a meeting must be held.</span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text">In the United Kingdom, see sections 303(2) and (3) of the Companies Act 1985.</span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text">This division was rejected in British Columbia in <i>Teck Corporation v Millar</i> (1972) 33 DLR (3d) 288.</span> </li> <li id="cite_note-51"><span class="mw-cite-backlink"><b><a href="#cite_ref-51">^</a></b></span> <span class="reference-text">Although as Gower points out, as well understood as the rule is, there is a paucity of authority on the point. But see <i>Clark v Workman</i> [1920] 1 Ir R 107 and <i>Dawson International plc v Coats Paton plc</i> 1989 SLT 655.</span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text">In the United Kingdom, see section 317 of the Companies Act 1985.</span> </li> <li id="cite_note-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-53">^</a></b></span> <span class="reference-text">In summary, the facts were as follows: Company A owned a cinema, and the directors decided to acquire two other cinemas with a view to selling the entire undertaking as a <a href="/wiki/Going_concern" title="Going concern">going concern</a>. They formed a new company ("Company B") to take the leases of the two new cinemas. But the lessor insisted on various stipulations, one of which was that Company B had to have a paid up <a href="/wiki/Share_capital" title="Share capital">share capital</a> of not less than £5,000 (a substantial sum at the time). Company A was unable to subscribe for more than £2,000 in shares, so the directors arranged for the remaining 3,000 shares to be taken by themselves and their friends. Later, instead of selling the undertaking, they sold all of the shares in both companies and made a substantial profit. The shareholders of Company A sued asking that directors and their friends to disgorge the profits that they had made in connection with their 3,000 shares in Company B – the very same shares which the shareholders in Company A had been asked to subscribe (through Company A) but refused to do so.</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=37" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Citations">Citations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=38" title="Edit section: Citations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-FOOTNOTERobert20119-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTERobert20119_1-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFRobert2011">Robert 2011</a>, p. 9.</span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.scc.virginia.gov/clk/befaq/vanon.aspx#a4">"How are the directors selected?"</a>. <i>Commonwealth of Virginia, State Corporation Commission, Business FAQs</i><span class="reference-accessdate">. Retrieved <span class="nowrap">8 April</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Commonwealth+of+Virginia%2C+State+Corporation+Commission%2C+Business+FAQs&rft.atitle=How+are+the+directors+selected%3F&rft_id=http%3A%2F%2Fwww.scc.virginia.gov%2Fclk%2Fbefaq%2Fvanon.aspx%23a4&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoard+of+directors" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://legis.wisconsin.gov/statutes/Stat0181.pdf">"Chapter 181, Nonstock Corporations (Sect. 181.0804)"</a> <span class="cs1-format">(PDF)</span>. <i>Wisconsin Statutes Database</i>. <a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20221009/http://legis.wisconsin.gov/statutes/Stat0181.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 9 October 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">8 April</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Wisconsin+Statutes+Database&rft.atitle=Chapter+181%2C+Nonstock+Corporations+%28Sect.+181.0804%29&rft_id=http%3A%2F%2Flegis.wisconsin.gov%2Fstatutes%2FStat0181.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoard+of+directors" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTERobert2011481–483-4"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTERobert2011481–483_4-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTERobert2011481–483_4-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFRobert2011">Robert 2011</a>, p. 481–483.</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcNamara" class="citation web cs1">McNamara, Carter. <a rel="nofollow" class="external text" href="http://www.managementhelp.org/boards/brdrspon.htm">"Overview of Roles and Responsibilities of Corporate Board of Directors"</a>. <i>Free Management Library</i>. Authenticity Consulting, LLC<span class="reference-accessdate">. Retrieved <span class="nowrap">26 January</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Free+Management+Library&rft.atitle=Overview+of+Roles+and+Responsibilities+of+Corporate+Board+of+Directors&rft.aulast=McNamara&rft.aufirst=Carter&rft_id=http%3A%2F%2Fwww.managementhelp.org%2Fboards%2Fbrdrspon.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoard+of+directors" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20071230201729/http://www.iog.ca/boardgovernance/html/gov_the.html">"Basic Role of the Board"</a>. <i>Governance Basics</i>. Institute on Governance (Canada). Archived from <a rel="nofollow" class="external text" href="http://www.iog.ca/boardgovernance/html/gov_the.html">the original</a> on 30 December 2007<span class="reference-accessdate">. Retrieved <span class="nowrap">27 January</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Governance+Basics&rft.atitle=Basic+Role+of+the+Board&rft_id=http%3A%2F%2Fwww.iog.ca%2Fboardgovernance%2Fhtml%2Fgov_the.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoard+of+directors" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTERobert2011484-7"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTERobert2011484_7-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTERobert2011484_7-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFRobert2011">Robert 2011</a>, p. 484.</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">This section was developed from numerous definitions in <a rel="nofollow" class="external text" href="http://definitions.uslegal.com/i/inside-director/">USLegal.com</a>, <a rel="nofollow" class="external text" href="http://www.businessdictionary.com/definition/executive-director.html">BusinessDictionary.com</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110303050359/http://www.businessdictionary.com/definition/executive-director.html">Archived</a> 3 March 2011 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a rel="nofollow" class="external text" href="http://dictionary.reference.com/browse/executive+director">Dictionary.com</a>, The Free Dictionary by Farlex (<a rel="nofollow" class="external text" href="http://financial-dictionary.thefreedictionary.com/Inside+Director">"inside director"</a>; <a rel="nofollow" class="external text" href="http://www.thefreedictionary.com/executive+director">"executive director"</a>; <a rel="nofollow" class="external text" href="http://financial-dictionary.thefreedictionary.com/outside+director">"outside director"</a>; <a rel="nofollow" class="external text" href="http://www.thefreedictionary.com/nonexecutive+director">"non-executive director"</a>), <a rel="nofollow" class="external text" href="http://www.macmillandictionary.com/dictionary/british/executive-director">Macmillan Dictionary</a>, and <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210414034735/http://www.economics-dictionary.com/definition/non-executive-director.html">Economics-dictionary.com</a>.</span> </li> <li id="cite_note-honor-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-honor_9-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.lawinsider.com/dictionary/the-honorary-president">"The Honorary President definition"</a>. <i>Law Insider</i>. 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">21 March</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Law+Insider&rft.atitle=The+Honorary+President+definition&rft.date=2013&rft_id=https%3A%2F%2Fwww.lawinsider.com%2Fdictionary%2Fthe-honorary-president&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoard+of+directors" class="Z3988"></span></span> </li> <li id="cite_note-Ivestopedia-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-Ivestopedia_10-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/e/executive-director.asp">"Executive Director"</a>. Investopedia<span class="reference-accessdate">. Retrieved <span class="nowrap">24 May</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Executive+Director&rft.pub=Investopedia&rft_id=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fe%2Fexecutive-director.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoard+of+directors" class="Z3988"></span></span> </li> <li id="cite_note-Investopedia_2-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-Investopedia_2_11-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/o/outsidedirector.asp">"Outside Director"</a>. Investopedia<span class="reference-accessdate">. Retrieved <span class="nowrap">24 May</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Outside+Director&rft.pub=Investopedia&rft_id=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fo%2Foutsidedirector.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoard+of+directors" class="Z3988"></span></span> </li> <li id="cite_note-Businessdictionary-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-Businessdictionary_12-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20130628140202/http://www.businessdictionary.com/definition/executive-director.html">"Executive Director"</a>. <i>Business Dictionary</i>. Archived from <a rel="nofollow" class="external text" href="http://www.businessdictionary.com/definition/executive-director.html">the original</a> on 28 June 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">24 May</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Business+Dictionary&rft.atitle=Executive+Director&rft_id=http%3A%2F%2Fwww.businessdictionary.com%2Fdefinition%2Fexecutive-director.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoard+of+directors" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLamb2017" class="citation journal cs1">Lamb, Nai Hua (2017). <a rel="nofollow" class="external text" href="http://t.www.na-businesspress.com/AJM/LambN_Web17_2_.pdf">"Does the Number of Interlocking Directors Influence a Firm's Financial Performance? An Exploratory Meta-Analysis"</a> <span class="cs1-format">(PDF)</span>. <i>American Journal of Management</i>. <b>17</b> (2): 47–57. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.33423%2Fajm.v17i2.1757">10.33423/ajm.v17i2.1757</a> (inactive 1 November 2024). <a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20221009/http://t.www.na-businesspress.com/AJM/LambN_Web17_2_.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 9 October 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">24 July</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=American+Journal+of+Management&rft.atitle=Does+the+Number+of+Interlocking+Directors+Influence+a+Firm%27s+Financial+Performance%3F+An+Exploratory+Meta-Analysis&rft.volume=17&rft.issue=2&rft.pages=47-57&rft.date=2017&rft_id=info%3Adoi%2F10.33423%2Fajm.v17i2.1757&rft.aulast=Lamb&rft.aufirst=Nai+Hua&rft_id=http%3A%2F%2Ft.www.na-businesspress.com%2FAJM%2FLambN_Web17_2_.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoard+of+directors" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: CS1 maint: DOI inactive as of November 2024 (<a href="/wiki/Category:CS1_maint:_DOI_inactive_as_of_November_2024" title="Category:CS1 maint: DOI inactive as of November 2024">link</a>)</span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090220142343/http://www.slideshare.net/nasscom/how-to-make-corporate-board-more-effective-prof-krishna-g-palepuharvard-business-school">"Board Process"</a>. Archived from <a rel="nofollow" class="external text" href="https://www.slideshare.net/nasscom/how-to-make-corporate-board-more-effective-prof-krishna-g-palepuharvard-business-school">the original</a> on 20 February 2009.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Board+Process&rft_id=http%3A%2F%2Fwww.slideshare.net%2Fnasscom%2Fhow-to-make-corporate-board-more-effective-prof-krishna-g-palepuharvard-business-school&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoard+of+directors" class="Z3988"></span></span> </li> <li id="cite_note-:2-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-:2_15-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20170715132111/http://www.robertsrules.com/faq.html#19">"Frequently Asked Questions about RONR (Question 19)"</a>. <i>The Official Robert's Rules of Order Web Site</i>. The Robert's Rules Association. Archived from <a rel="nofollow" class="external text" href="http://www.robertsrules.com/faq.html#19">the original</a> on 15 July 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">24 December</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Official+Robert%27s+Rules+of+Order+Web+Site&rft.atitle=Frequently+Asked+Questions+about+RONR+%28Question+19%29&rft_id=http%3A%2F%2Fwww.robertsrules.com%2Ffaq.html%2319&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoard+of+directors" class="Z3988"></span></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">See generally, Bowen, William G., The board book: an insider's guide for directors and trustees (2008 W.W. Norton & Co.); Murray, Alan S., Revolt in the boardroom: the new rules of power in corporate America (2007 Collins); Charan, Ram, Boards that deliver: advancing corporate governance from compliance to competitive advantage (2005 Jossey-Bass); Carver, John, Corporate boards that create value: governing company performance from the boardroom (2002 Jossey-Bass); Harvard Business Review on corporate governance (2000 Harvard Business School Press).</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text">See specifically Tutelman and Hause, The Balance Point: New Ways Business Owners Can Use Boards (2008 Famille Press).</span> </li> <li id="cite_note-FOOTNOTERobert2011572-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTERobert2011572_18-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFRobert2011">Robert 2011</a>, p. 572.</span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20170715132111/http://www.robertsrules.com/faq.html#2">"Frequently Asked Questions about RONR (Question 2)"</a>. <i>The Official Robert's Rules of Order Web Site</i>. The Robert's Rules Association. Archived from <a rel="nofollow" class="external text" href="http://www.robertsrules.com/faq.html#2">the original</a> on 15 July 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">24 December</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Official+Robert%27s+Rules+of+Order+Web+Site&rft.atitle=Frequently+Asked+Questions+about+RONR+%28Question+2%29&rft_id=http%3A%2F%2Fwww.robertsrules.com%2Ffaq.html%232&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoard+of+directors" class="Z3988"></span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20170715132111/http://www.robertsrules.com/faq.html#20">"Frequently Asked Questions about RONR (Question 20)"</a>. <i>The Official Robert's Rules of Order Web Site</i>. The Robert's Rules Association. Archived from <a rel="nofollow" class="external text" href="http://www.robertsrules.com/faq.html#20">the original</a> on 15 July 2017<span class="reference-accessdate">. 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Organisation for Economic Co-operation and Development (OECD). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131018081441/http://www.oecd.org/daf/ca/corporategovernanceprinciples/40823806.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 18 October 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">8 October</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Using+the+OECD+Principles+for+Corporate+Governance%3A+A+Boardroom+Perspective&rft.pub=Organisation+for+Economic+Co-operation+and+Development+%28OECD%29&rft_id=https%3A%2F%2Fwww.oecd.org%2Fdaf%2Fca%2Fcorporategovernanceprinciples%2F40823806.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoard+of+directors" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text">Gower, <i>Principles of Company Law</i> (6th ed.), citing <i><a href="/wiki/Isle_of_Wight_Rly_Co_v_Tahourdin" title="Isle of Wight Rly Co v Tahourdin">Isle of Wight Rly Co v Tahourdin</a></i> (1884) LR 25 Ch D 320</span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><i>Per</i> Cozens-Hardy LJ at 44</span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text">See Gower, <i>Principles of Company Law</i> (6th ed.) at 185.</span> </li> <li id="cite_note-Shivdasani1999-32"><span class="mw-cite-backlink">^ <a href="#cite_ref-Shivdasani1999_32-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Shivdasani1999_32-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Shivdasani1999_32-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text">Shivdasani A, Yermack D. (1999). <a rel="nofollow" class="external text" href="http://pages.stern.nyu.edu/~eofek/PhD/papers/SY_CEO_JF.pdf">CEO involvement in the selection of new board members: An empirical analysis</a>. <i>Journal of Finance</i>.</span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text">Chhaochharia V, Grinstein Y. (2007). <a rel="nofollow" class="external text" href="http://faculty.fullerton.edu/jyang/Courses/fin332/Literature/governance%20rule%20result.pdf">Corporate governance and firm value: The impact of the 2002 governance rules</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100611072244/http://faculty.fullerton.edu/jyang/Courses/fin332/Literature/governance%20rule%20result.pdf">Archived</a> 11 June 2010 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. <i>The Journal of Finance</i>.</span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHirstBebchuk2010" class="citation journal cs1">Hirst, Scott; Bebchuk, Lucian (1 January 2010). <a rel="nofollow" class="external text" href="https://scholarship.law.bu.edu/faculty_scholarship/338">"Private Ordering and the Proxy Access Debate"</a>. <i>The Harvard John M. Olin Discussion Paper Series</i>. <b>653</b>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Harvard+John+M.+Olin+Discussion+Paper+Series&rft.atitle=Private+Ordering+and+the+Proxy+Access+Debate&rft.volume=653&rft.date=2010-01-01&rft.aulast=Hirst&rft.aufirst=Scott&rft.au=Bebchuk%2C+Lucian&rft_id=https%3A%2F%2Fscholarship.law.bu.edu%2Ffaculty_scholarship%2F338&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoard+of+directors" class="Z3988"></span></span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text">SEC. (May 2009). <a rel="nofollow" class="external text" href="https://www.sec.gov/news/press/2009/2009-116.htm">SEC Votes to Propose Rule Amendments to Facilitate Rights of Shareholders to Nominate Directors</a>.</span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCaiGarner,_JacquelineWalkling,_Ralph2010" class="citation journal cs1">Cai, Jay; Garner, Jacqueline; Walkling, Ralph (2010). 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(2010). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2010/09/15/companies-may-fail-but-directors-are-in-demand.html">Companies May Fail, but Directors Are in Demand</a>. <i>The New York Times</i>.</span> </li> <li id="cite_note-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-42">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.law360.com/articles/442382/sec-wins-d-o-bar-against-alleged-hedge-fund-scammer">SEC Wins D&O Bar Against Alleged Hedge Fund Scammer</a>. Law360.</span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text">See for example <i>Barber's Case</i> (1877) 5 Ch D 963 and <i>Re Portuguese Consolidated Copper Mines</i> (1889) 42 Ch D 160</span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text"><i><a href="/wiki/Breckland_Group_Holdings_Ltd_v_London_and_Suffolk_Properties" title="Breckland Group Holdings Ltd v London and Suffolk Properties">Breckland Group Holdings Ltd v London and Suffolk Properties</a></i> [1989] BCLC 100</span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text"><i>Percival v Wright</i> [1902] Ch 421</span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text">For example, if the board is authorised by the shareholders to negotiate with a takeover bidder. It has been held in New Zealand that "depending upon all the surround circumstances and the nature of the responsibility which in a real and practical sense the director has assumed towards the shareholder," <i>Coleman v Myers</i> [1977] 2 NZLR 225</span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text"><i><a href="/wiki/Eclairs_Group_Ltd_v_JKX_Oil_%26_Gas_plc" title="Eclairs Group Ltd v JKX Oil & Gas plc">Eclairs Group Ltd v JKX Oil & Gas plc</a></i> <a rel="nofollow" class="external text" href="https://www.bailii.org/uk/cases/UKSC/2015/71.html">[2015] UKSC 71</a> (2 December 2015)</span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text">Following <i><a href="/wiki/Hogg_v_Cramphorn_Ltd" title="Hogg v Cramphorn Ltd">Hogg v Cramphorn Ltd</a></i> [1967] Ch 254</span> </li> <li id="cite_note-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-49">^</a></b></span> <span class="reference-text"><i>Teck Corporation v Millar</i> (1972) 33 DLR (3d) 288</span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text"><i>Industrial Development Consultants v Cooley</i> [1972] 1 WLR 443 (corporate information), <i><a href="/wiki/Canadian_Aero_Service_v._O%27Malley" class="mw-redirect" title="Canadian Aero Service v. O'Malley">Canadian Aero Service v. 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(eds), <i>Comparative Corporate Governance: The State of the Art and Emerging Research</i> (Clarendon 1998)</li> <li>KJ Hopt and PC Leyens, 'Board Models in Europe – Recent Developments of Internal Corporate Governance Structures in Germany, the United Kingdom, France, and Italy' (2004) <a rel="nofollow" class="external text" href="https://ssrn.com/abstract=487944">EGCI Working Paper</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRobert2011" class="citation book cs1">Robert, Henry M.; et al. (2011). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170813113356/http://www.robertsrules.com/book.html"><i>Robert's Rules of Order Newly Revised</i></a> (11th ed.). Philadelphia, PA: Da Capo Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-306-82020-5" title="Special:BookSources/978-0-306-82020-5"><bdi>978-0-306-82020-5</bdi></a>. Archived from <a rel="nofollow" class="external text" href="http://www.robertsrules.com/book.html">the original</a> on 13 August 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Robert%27s+Rules+of+Order+Newly+Revised&rft.place=Philadelphia%2C+PA&rft.edition=11th&rft.pub=Da+Capo+Press&rft.date=2011&rft.isbn=978-0-306-82020-5&rft.aulast=Robert&rft.aufirst=Henry+M.&rft_id=http%3A%2F%2Fwww.robertsrules.com%2Fbook.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoard+of+directors" class="Z3988"></span></li> <li>Acre Resources LTD (2018), <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181009132159/https://www.acre.com/resources/the-case-for-a-social-board/">The Case for a Social Board</a>, London, UK</li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Board_of_directors&action=edit&section=40" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png" decoding="async" width="30" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/45px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/59px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span></div> <div class="side-box-text plainlist">Wikimedia Commons has media related to <span style="font-weight: bold; font-style: italic;"><a href="https://commons.wikimedia.org/wiki/Category:Boards_of_directors" class="extiw" title="commons:Category:Boards of directors">Boards of directors</a></span>.</div></div> </div> <ul><li><a rel="nofollow" class="external text" href="https://www.NEDonBoard.com">NEDonBoard</a> — UK professional body for non-executive directors and board members</li> <li><a rel="nofollow" class="external text" href="https://web.Archive.org/web/20111112141042/http://www.PSU.edu/trustees/">Website of the board of a large U.S. university, illustrating a typical board's composition, duties, concerns, etc.</a></li> <li><a rel="nofollow" class="external text" href="https://NACDonline.org">National Association of Corporate Directors</a></li> <li><a rel="nofollow" class="external text" href="https://www.iod.com/">Institute of Directors UK</a></li> <li><a rel="nofollow" class="external text" href="https://www.globalboardadvisors.com/">GBAC Global Board Advisors Corp</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210411073951/https://www.globalboardadvisors.com/">Archived</a> 11 April 2021 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> GBAC is AACSB Business Alliance Member <a rel="nofollow" class="external free" href="https://www.aacsb.edu/businesses/business-membership/find-a-member">https://www.aacsb.edu/businesses/business-membership/find-a-member</a> . 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td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Corporate_titles" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Corporate_titles" title="Template:Corporate titles"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Corporate_titles" title="Template talk:Corporate titles"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Corporate_titles" title="Special:EditPage/Template:Corporate titles"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Corporate_titles" style="font-size:114%;margin:0 4em"><a href="/wiki/Corporate_title" title="Corporate title">Corporate titles</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Chief officers</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Chief_accessibility_officer" title="Chief accessibility officer">Accessibility</a></li> <li><a href="/wiki/Chief_administrative_officer" title="Chief administrative officer">Administrative</a></li> <li><a href="/wiki/Chief_analytics_officer" title="Chief analytics officer">Analytics</a></li> <li><a href="/wiki/Chief_audit_executive" title="Chief audit executive">Audit</a></li> <li><a href="/wiki/Chief_automation_officer" title="Chief automation officer">Automation</a></li> <li><a href="/wiki/Chief_brand_officer" class="mw-redirect" title="Chief brand officer">Brand</a></li> <li><a href="/wiki/Chief_business_officer" title="Chief business officer">Business</a></li> <li><a href="/wiki/Chief_channel_officer" title="Chief channel officer">Channel</a></li> <li><a href="/wiki/Chief_commercial_officer" title="Chief commercial officer">Commercial</a></li> <li><a href="/wiki/Public_relations_officer" title="Public relations officer">Communications</a></li> <li><a href="/wiki/Chief_compliance_officer" title="Chief compliance officer">Compliance</a></li> <li><a href="/wiki/Chief_content_officer" title="Chief content officer">Content</a></li> <li><a href="/wiki/Chief_creative_officer" title="Chief creative officer">Creative</a></li> <li><a href="/wiki/Chief_data_officer" title="Chief data officer">Data</a></li> <li><a href="/wiki/Chief_design_officer" title="Chief design officer">Design</a></li> <li><a href="/wiki/Chief_digital_officer" title="Chief digital officer">Digital</a></li> <li><a href="/wiki/Chief_diversity_officer" title="Chief diversity officer">Diversity</a></li> <li><a href="/wiki/Chief_executive_officer" title="Chief executive officer">Executive</a></li> <li><a href="/wiki/Chief_experience_officer" title="Chief experience officer">Experience</a></li> <li><a href="/wiki/Chief_financial_officer" title="Chief financial officer">Financial</a></li> <li><a href="/wiki/Chief_gaming_officer" title="Chief gaming officer">Gaming</a></li> <li><a href="/wiki/Chief_happiness_officer" title="Chief happiness officer">Happiness</a></li> <li><a href="/wiki/Chief_human_resources_officer" title="Chief human resources officer">Human resources</a></li> <li><a href="/wiki/Chief_information_officer" title="Chief information officer">Information</a></li> <li><a href="/wiki/Chief_information_security_officer" title="Chief information security officer">Information security</a></li> <li><a href="/wiki/Chief_innovation_officer" title="Chief innovation officer">Innovation</a></li> <li><a href="/wiki/Chief_investment_officer" title="Chief investment officer">Investment</a></li> <li><a href="/wiki/Chief_knowledge_officer" title="Chief knowledge officer">Knowledge</a></li> <li><a href="/wiki/Chief_learning_officer" title="Chief learning officer">Learning</a></li> <li><a href="/wiki/General_counsel" title="General counsel">Legal</a></li> <li><a href="/wiki/Chief_marketing_officer" title="Chief marketing officer">Marketing</a></li> <li><a href="/wiki/Chief_Medical_Officer" class="mw-redirect" title="Chief Medical Officer">Medical</a></li> <li><a href="/wiki/Chief_merchandising_officer" title="Chief merchandising officer">Merchandising</a></li> <li><a href="/wiki/Chief_networking_officer" title="Chief networking officer">Networking</a></li> <li><a href="/wiki/Chief_operating_officer" title="Chief operating officer">Operating</a></li> <li><a href="/wiki/Chief_privacy_officer" title="Chief privacy officer">Privacy</a></li> <li><a href="/wiki/Chief_procurement_officer" title="Chief procurement officer">Procurement</a></li> <li><a href="/wiki/Chief_product_officer" title="Chief product officer">Product</a></li> <li><a href="/wiki/Chief_research_officer" title="Chief research officer">Research</a></li> <li><a href="/wiki/Chief_restructuring_officer" title="Chief restructuring officer">Restructuring</a></li> <li><a href="/wiki/Chief_revenue_officer" title="Chief revenue officer">Revenue</a></li> <li><a href="/wiki/Chief_risk_officer" title="Chief risk officer">Risk</a></li> <li><a href="/wiki/Chief_scientific_officer" title="Chief scientific officer">Science</a></li> <li><a href="/wiki/Chief_security_officer" title="Chief security officer">Security</a></li> <li><a href="/wiki/Chief_solutions_officer" title="Chief solutions officer">Solutions</a></li> <li><a href="/wiki/Chief_strategy_officer" title="Chief strategy officer">Strategy</a></li> <li><a href="/wiki/Chief_sustainability_officer" title="Chief sustainability officer">Sustainability</a></li> <li><a href="/wiki/Chief_technology_officer" title="Chief technology officer">Technology</a></li> <li><a href="/wiki/Chief_visionary_officer" title="Chief visionary officer">Visionary</a></li> <li><a href="/wiki/Chief_web_officer" title="Chief web officer">Web</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Senior executives</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Chairperson" class="mw-redirect" title="Chairperson">Chairperson</a></li> <li><a href="/wiki/Creative_director" title="Creative director">Creative director</a></li> <li><a href="/wiki/Development_director" title="Development director">Development director</a></li> <li><a href="/wiki/General_counsel" title="General counsel">General counsel</a></li> <li><a href="/wiki/Executive_director" title="Executive director">Executive director</a></li> <li><a href="/wiki/Non-executive_director" title="Non-executive director">Non-executive director</a></li> <li><a href="/wiki/President_(corporate_title)" title="President (corporate title)">President</a></li> <li><a href="/wiki/Representative_director_(Japan)" title="Representative director (Japan)">Representative director</a></li> <li><a href="/wiki/Vice_president" title="Vice president">Vice president</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Mid-level executives</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Management" title="Management">Manager</a></li> <li><a href="/wiki/General_manager" title="General manager">General manager</a></li> <li><a href="/wiki/Account_manager" title="Account manager">Account manager</a></li> <li><a href="/wiki/Supervisor" title="Supervisor">Supervisor</a></li> <li><a href="/wiki/Product_manager" title="Product manager">Product manager</a></li> <li><a href="/wiki/Supervisor" title="Supervisor">Foreman</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">Board of directors</a></li> <li><a href="/wiki/Corporate_governance" title="Corporate governance">Corporate governance</a></li> <li><a href="/wiki/Executive_compensation" title="Executive compensation">Executive compensation</a></li> <li><a href="/wiki/List_of_business_and_finance_abbreviations" title="List of business and finance abbreviations">List of business and finance abbreviations</a></li> <li><a href="/wiki/Senior_management" title="Senior management">Senior management</a></li> <li><a href="/wiki/Supervisory_board" title="Supervisory board">Supervisory board</a></li> <li><a href="/wiki/Talent_management" title="Talent management">Talent management</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox authority-control" aria-label="Navbox" style="padding:3px"><table class="nowraplinks hlist navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a>: National <span class="mw-valign-text-top noprint" 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