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Terms of reference (TOR) define the purpose and structures of a project, committee, meeting, negotiation, or any similar collection of people who have agreed to work together to accomplish a shared goal. [1] [2] Terms of reference show how the object in question will be defined, developed, and verified.
In the United States, the board of directors (elected by the shareholders) is often equivalent to the supervisory board, while the executive board may often be known as the executive committee (operating committee or executive council), composed of the CEO and their direct reports (other C-level officers, division/subsidiary heads).
The executive committee may function more like a board than an actual committee. [19] [20] In any case, an executive committee can only be established through a specific provision in the charter or bylaws of the entity (i.e. a board cannot appoint an executive committee without authorization to do so). [19]
An advisory board is a body that provides non-binding strategic advice to the management of a corporation, organization, or foundation.The informal nature of an advisory board gives greater flexibility in structure and management compared to the board of directors.
Board audit committees have members that are independent and disclose whether or not at least one is a financial expert, or reasons why no such expert is on the audit committee. External audit firms cannot provide certain types of consulting services and must rotate their lead partner every 5 years.
Its role is to provide advice and recommendations to the board within the scope of its terms of reference / charter. Terms of reference and requirements for an audit committee vary by country, but may be influenced by economic and political unions capable of passing legislation.
The chair, also chairman, chairwoman, or chairperson, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the group or organisation, presides over meetings of the group, and is required to conduct the group's ...
A royal commission is formally established by the Governor-General on behalf of the Crown and on the advice of government Ministers. The government decides the terms of reference, provides the funding and appoints the commissioners, who are selected on the basis of their independence and qualifications. They are never serving politicians. [2]