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Jonathan is interested in building the centrepiece of his firm's corporate governance, and so hires a "Board of directors" that is made up of individuals from both inside and outside the firm.
What is a Board of directors?
A board of directors is simply a group of people chosen by shareholders to serve as their representatives. While nonprofit organisations and many private firms may name a board of directors even though they are not legally obligated to, every public company is legally required to appoint one.
Functions of a Board of Directors are-
- establishing dividend policies
- Developing option policies
- Senior executive hiring and firing (especially the CEO)
- determining executive compensation
- assisting managers and their teams
- keeping up with business resources
- setting broad organisational objectives
- ensuring that the business has the resources necessary to be handled effectively.
The bylaws of a business or organisation establish the structure, duties, and authority granted to a board of directors.
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