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Nevertheless, board members often receive remunerations amounting to hundreds of thousands of dollars per year since they often sit on the boards of several companies. Inside directors are usually not paid for sitting on a board, but the duty is instead considered part of their larger job description.
Corporate titles or business titles are given to company and organization officials to show what job function, and seniority, a person has within an organisation. [1] The most senior roles, marked by signing authority, are often referred to as "C-level", "C-suite" or "CxO" positions because many of them start with the word "chief". [2]
The non-executive chair's duties are typically limited to matters directly related to the board, such as: [36] Chairing the meetings of the board. Organizing and coordinating the board's activities, such as by setting its annual agenda. Reviewing and evaluating the performance of the CEO and the other board members.
There are considerable variations in the composition and responsibilities of corporate titles. Within the corporate office or corporate center of a corporation, some corporations have a chairman and chief executive officer (CEO) as the top-ranking executive, while the number two is the president and chief operating officer (COO); other corporations have a president and CEO but no official deputy.
A non-executive director (abbreviated to non-exec, NED or NXD), independent director or external director is a member of the board of directors of a corporation, such as a company, cooperative or non-government organization, but not a member of the executive management team.
In 2007, the board voted to increase the pay of members from $59,000 to $75,000 per year. [43] In March 2015, the Board voted 6-4 to increase the pay of future supervisors by $20,000 per year, to $95,000, with the chairman earning $100,000 per year. [44] In March 2023, the Board voted 8-2 to increase the pay of future supervisors by 30%.
The name "Board of Supervisors" was changed to "Board of Commissioners" in 1970 to avoid confusion with township government (where the term "Supervisor" was still used). In New York, the new boards were called "county legislatures" (and their members, "county legislators"), but not every county has adopted this system.
An advisory board deals with a more narrow range of issues and meet less often than a board of directors. There is less commitment for advisory board members compared to directors on the board. This is reflected in the lower compensation advisory board members receive as compared to those on the board of directors.