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Definition: the Board of Directors is an entity of elected or appointed members who jointly oversee the activities of an organization. It is often simply referred to as "the board".
It is generally the highest authority in the corporate governance and management of the organization. Typical duties of the BOD include:
1. Governing the organization by establishing broad policies and objectives;
2. Selecting, appointing, supporting and reviewing the performance of the chief executive officer;
3. Ensuring and approving financial resources;
4. Accounting to the stakeholders for the organization's performance;
5. Executive Compensation.