Search results
Results from the WOW.Com Content Network
In an organization with voting members, the board is accountable to, and may be subordinate to, the organization's full membership, which usually elect the members of the board. In a stock corporation , non-executive directors are elected by the shareholders , and the board has ultimate responsibility for the management of the corporation.
AGB believes that board assessments or self-examinations help establish a clearer understanding of members’ primary roles and responsibilities, develop a consensus on objectives and plans to improve the board, and help clarify the performance expected by all board members. [44] These assessments should be completed annually. [44]
Board decisions should predominantly be policy decisions. Board should formulate policy by determining the broadest values before progressing to more narrow ones. A board should define and delegate, rather than react and ratify. Ends determination is the pivotal duty of governance. The board's best control over staff means is to limit, not ...
The corporation's name might consist of its governing board members' title (for example, The Trustees of Princeton University is a New Jersey nonprofit corporation). These board members (trustees, regents, etc.) are fiduciaries for the corporation. In some cases, the institution might not have separate legal personhood; the trustees transact in ...
A non-executive director (abbreviated to non-exec, NED or NXD), independent director or external director is a member of the board of directors of a corporation, such as a company, cooperative or non-government organization, but not a member of the executive management team.
An ex officio member is a member of a body (notably a board, committee, or council) who is part of it by virtue of holding another office. The term ex officio is Latin , meaning literally 'from the office', and the sense intended is 'by right of office'; its use dates back to the Roman Republic .
In a non-profit corporation, the "agency problem" is even more difficult than in the for-profit sector, because the management of a non-profit is not even theoretically subject to removal by the charitable beneficiaries. The board of directors of most charities is self-perpetuating, with new members chosen by vote of the existing members.
The PCAOB has five board members, including a chairman, each of whom is appointed by the SEC, after consultation with the chairman of the board of governors of the Federal Reserve System and the Secretary of the Treasury. Two board members, and only two members, must be Certified Public Accountants. [8]