Board of Directors
In a corporation, the board of directors is a groups of people, selected by the shareholders, who make the major decisions for the company. The exact responsibilities of the board are governed by the company’s articles of incorporation, but, in general, the board is responsible for choosing the corporate officers, selling shares of the company, distributing dividends, and responding to merger and takeover offers. The board has a fiduciary duty to act in the best interest of the shareholders.
Definition from Nolo’s Plain-English Law Dictionary
The policy managers of a corporation or organization elected by the shareholders or members. (See also: director)
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:11 pm
