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A board of directors is an executive committee that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law ) and the organization's own constitution and by-laws .
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 board of directors has ultimate control over the organization, but typically an executive director is hired. In some cases, the board is elected by a membership, but commonly, the board of directors is self-perpetuating. In these 'board-only' organizations, board members nominate new members and vote on their fellow directors' nominations. [38]
A board must explicitly design its own products and process. A board must forge a linkage with management that is both empowering and safe. Performance of the CEO must be monitored rigorously, but only against policy criteria. Principles 1-3 define an organization's ownership, the board's responsibility to it, and the board's authority.
A not-for-profit or non-for-profit organization (NFPO) is a legal entity that does not distribute surplus funds to its members and is formed to fulfill specific objectives. [1] An NFPO does not earn profit for its owners, as any revenue generated by its activities must be put back into the organization.
A nonprofit may have a delegate structure to allow for the representation of groups or corporations as members. Alternatively, it may be a non-membership organization and the board of directors may elect its own successors. The two major types of nonprofit organization are membership and board-only.
Building a diverse board is now considered a bare minimum requirement for companies that want their corporate directors to make the best possible, most informed and inclusive decisions, and board ...
John Carver is an author noted for his development of the policy model for boards of directors called Policy Governance. Carver says his model is the only systematic theory of boards. He is an adjunct professor of nonprofit organizations in the Institute for Nonprofit Organizations at the University of Georgia School of Social Work. [1]