Global business experience as chairman and chief executive officer of Caterpillar Inc. Owens, 72, joined Caterpillar in as a corporate economist and subsequently held various management positions, including chief financial officer.
Typical duties of boards of directors include: For companies with publicly trading stockthese responsibilities are typically much more rigorous and complex than for those of other types. Typically, the board chooses one of its members to be the chairman often now called the "chair" or "chairperson"who holds whatever title is specified in the by-laws or articles of association.
However, in membership organizations, the members elect the president of the organization and the president becomes the board chair, unless the by-laws say otherwise.
Several specific terms categorize directors by the presence or absence of their other relationships to the organization. Typical inside directors are: Other executives of the organization, such as its chief financial officer CFO or executive vice president Large shareholders who may or may not also be employees or officers Representatives of other stakeholders such as labor unions, major lenders, or members of the community in which the organization is located An inside director who is employed as a manager or executive of the organization is sometimes referred to as an executive director not to be confused with the title executive director sometimes used for the CEO position in some organizations.
Executive directors often have a specified area of responsibility in the organization, such as finance, marketing, human resources, or production. Independent director An outside director is a member of the board who is not otherwise employed by or engaged with the organization, and does not represent any of its stakeholders.
A typical example is a director who is president of a firm in a different industry. Outside directors bring outside experience and perspectives to the board.
For example, for a company that only serves a domestic market, the presence of CEOs from global multinational corporations as outside directors can help to provide insights on export and import opportunities and international trade options.
One of the arguments for having outside directors is that they can keep a watchful eye on the inside directors and on the way the organization is run.
Outside directors are unlikely to tolerate "insider dealing" between insider directors, as outside directors do not benefit from the company or organization.
Outside directors are often useful in handling disputes between inside directors, or between shareholders and the board. They are thought to be advantageous because they can be objective and present little risk of conflict of interest.
Terminology [ edit ] Director — a person appointed to serve on the board of an organization, such as an institution or business.
Inside director — a director who, in addition to serving on the board, has a meaningful connection to the organization Outside director — a director who, other than serving on the board, has no meaningful connections to the organization Executive director — an inside director who is also an executive with the organization.
This situation can have important corporate, social, economic, and legal consequences, and has been the subject of significant research. The examples and perspective in this section deal primarily with the United States and do not represent a worldwide view of the subject.
You may improve this articlediscuss the issue on the talk pageor create a new articleas appropriate. May Learn how and when to remove this template message The process for running a board, sometimes called the board processincludes the selection of board members, the setting of clear board objectives, the dissemination of documents or board package to the board members, the collaborative creation of an agenda for the meeting, the creation and follow-up of assigned action itemsand the assessment of the board process through standardized assessments of board members, owners, and CEOs.
Board meetings[ edit ] A board of directors conducts its meetings according to the rules and procedures contained in its governing documents.A board of directors (B of D) is a group of individuals, elected to represent shareholders.
A board’s mandate is to establish policies for corporate management and oversight, making decisions on. Board of Directors - Chairman. Olivia Kirtley was appointed to the Board in May and currently serves as Chairman, previously serving as Lead Independent Director from April until July Ms.
Kirtley, a certified public accountant, is a business consultant on strategic and corporate governance issues. She is a former chief financial. Board of Directors. The Board of Directors is the governing body of Mahube-Otwa Community Action Partnership and sets the overall policy and goals, which are then carried out by staff.
IBM Board of Directors Director nominees IBM’s Board is composed of a diverse, experienced group of global thought and business leaders. All of our directors are independent except for Virginia Rometty, IBM.
The Clinton Foundation's Board of Directors governs the work of the Foundation. Our Board shapes the Foundation's direction through its mission, strategy, budget, and key policies; ensures that the leadership, resources, and finances in place match the Foundation's vision; and monitors and improves.
The Board of Directors provides overall direction of the Council.