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Board of Directors (BOD)

definition

A group of individuals who are elected by a company's stockholders to oversee the conduct of business of a corporation. The duties of the board are usually dictated by the laws of the state in which the corporation is established. In most cases, some of their responsibilities include selecting the officers responsible for the daily operation of the company, overseeing periodic audits, and ensuring that the company operates in a manner that is consistent with the corporation's charter and by-laws.