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Also known as: board, BOD

Board of Directors

ConceptualRolesLegal

Definition

Board of Directors: The board of directors is a group of individuals elected to represent shareholders and oversee company management. The board approves major decisions, hires/fires the CEO, and provides governance. Board composition typically includes founders, investors, and independent members.

Example Usage

“Our five-person board includes two founders, two investors, and one independent director.”

Common Misconceptions

Boards micromanage companies. Good boards focus on strategy, not operations.
Founders always control the board. Control often shifts to investors in later stages.
Board meetings are just updates. They should be strategic discussions, not status reports.

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