Term
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Definition
| a group of individuals hired to oversee governance of an organization. Elected by vote of the shareholders at the annual general meeting (AGM) the true power of the board can vary from institution to institution from a powerful unit that closely monitors the management of the organization, to a body that merely rubber-stamps the decisions of the chief executive officer (CEO) and executive team |
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Term
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Definition
| an operating committee staffed by members of the board of directors plus independent or outside directors. The committee is responsible for monitoring the financial policies and procedures of the organization-specifically the accounting policies, internal controls, and the hiring of external auditors |
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Term
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Definition
| an operating committee staffed by members of the board of directors plus independent or outside directors. The committee is reponsible for setting the compensation for the CEO and other senior executives. Typically, this compensation will consist of a base salary, performance bonus, stock options, and other perks. |
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Term
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Definition
| a set of guidelines that require companies to abide by a set of operating standards or explain why they choose not to. |
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Term
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Definition
| a set of guidelines that require companies to abide by a set of operating standards or face stiff financial penalties |
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Term
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Definition
| the system by which business corporations are directed and controlled |
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