Governing body (called the
board) of an incorporated firm. Its
members(
directors) are elected normally by the
subscribers (
stockholders) of the firm (generally at an
annual general meeting or
AGM) to
govern the firm and look after the subscribers'
interests. The board has the ultimate
decision-makingauthority and, in
general, is empowered to (1) set the
company's policy,
objectives, and overall direction, (2) adopt
bylaws, (3) name members of the
advisory,
executive, finance, and other
committees, (4)
hire,
monitor, evaluate, and
fire the
managing director and
senior executives, (5) determine and
pay the
dividend, and (6)
issue additional
shares. Though all its members might not be engaged in the
company's day-to-day
operations, the ...
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