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    Accounting Dictionary

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    Board of Directors

    A board of directors is a group of people who are elected by a company's shareholders to meet periodically to oversee the company's management and represent the interests of the shareholders. As such, it is the governing body of a corporation. The board has overall authority for decisions made by the company, but usually confines itself to the following areas:

    • Issuance of stock
    • Issuance of dividends
    • Naming members to various committees
    • Adopting and revising bylaws
    • Hiring or fiiring senior managers
    • Setting the company's overall direction

    The board of directors may be comprised of senior managers of the company, as well as outsiders with special skills that can be of assistance to the company.