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What Is a Board of Directors?

If you ask an audience of people what a chair is the most straightforward answer is “Something that you sit on.” However this doesn’t reflect the essence of the chair as an inanimate object created for humans to sit on. Chairs belong to an entire category, or set of objects called “furniture” which includes other objects with the same shape, purpose or form. Chairs are available in a variety of different sizes, shapes and shapes to meet the requirements of individuals of all types.

Board of directors are an governing body that is elected by shareholders of a company to set the company’s management and oversight policies. The structure of a board could differ and the bylaws of the company will determine how many members are on the board, how often they meet and election procedures. A board is typically made consisting of insiders from the company who are knowledgeable about the internal operations of the organization, as well as qualified individuals from outside who have expertise in a similar field.

The board is a strategic entity that monitors the CEO’s performance in the pursuit of goals that align with the overall vision of the company. The board can act as an advocate for the company in times of crisis, when the CEO is not able to be everywhere. It takes an eye for spotting individuals with the right experience and expertise who are invested into the organization’s goals. The keeping of a database of prospective candidates is an effective way to find the perfect fit for a vacancy.

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