Board of directors
In one sentenceThe body elected by the general assembly to manage a joint stock company, set its policies, and oversee executive management, accountable to the shareholders.
Simply put
The board does not run day-to-day details itself; it appoints executive management, approves the strategy, budget, and financial statements, and forms committees such as the audit committee.
Its composition, term of membership, and powers are in the Companies Law and the bylaws, and its members are expected to act with care and loyalty to the company. Their remuneration appears in the financial statements as part of related-party disclosures.
Example
Before publishing a joint stock company's annual financial statements, executive management presents them to the audit committee and then to the board of directors for approval, and they are then presented to the general assembly with the auditor's report.
Don't confuse it with
Company managerThe board of directors is the body of a joint stock company, while the manager runs a limited liability company and is appointed by the partners.