Board of directors

A board of directors is the group of people elected by shareholders to oversee a company's management on their behalf. The board hires and can fire the CEO, approves major decisions such as large acquisitions, and is responsible for looking after shareholders' interests.

Board members are typically a mix of company executives and independent directors from outside the company, with independent directors generally seen as better positioned to challenge management when needed. Shareholders vote on board members, usually at the annual general meeting.