board of directors

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In a corporation, the board of directors is a group 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.