A board of directors is a panel of individuals elected by a corporation’s shareholders to oversee the management of the firm. A board is typically made up both inside director- is a person who is also an officer of the firm and outside director- is someone who is not employed by the firm. A board of directors has three formal responsibilities: (1) Appoint the firm’s officer (the key manager), (2) declare dividends, and (3) oversee the affairs of the corporation.
Board of directors definition in Banking & Finance
Board of directors is the committee elected by the stockholders (owners of the bank) to set policy and oversee the bank’s performance.
Board of directors is the governing body of a corporation.