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The corporation's name might consist of its governing board members' title (for example, The Trustees of Princeton University is a New Jersey nonprofit corporation). These board members (trustees, regents, etc.) are fiduciaries for the corporation. In some cases, the institution might not have separate legal personhood; the trustees transact in ...
AGB believes that board assessments or self-examinations help establish a clearer understanding of members’ primary roles and responsibilities, develop a consensus on objectives and plans to improve the board, and help clarify the performance expected by all board members. [44] These assessments should be completed annually. [44]
The board of directors has ultimate control over the organization, but typically an executive director is hired. In some cases, the board is elected by a membership, but commonly, the board of directors is self-perpetuating. In these 'board-only' organizations, board members nominate new members and vote on their fellow directors' nominations. [38]
The powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law) and the organization's own constitution and by-laws. These authorities may specify the number of members of the board, how they are to be chosen, and how often they are to meet.
In a non-profit corporation, the "agency problem" is even more difficult than in the for-profit sector, because the management of a non-profit is not even theoretically subject to removal by the charitable beneficiaries. The board of directors of most charities is self-perpetuating, with new members chosen by vote of the existing members.
Airbnb.org is a nonprofit with its own board and it’s independent of Airbnb, Inc. “But we work very closely with them, and the company has been extremely generous through the years in terms of ...
In an agency context, a principal may be obligated to indemnify their agent for liabilities incurred while carrying out responsibilities under the relationship. While the events giving rise to an indemnity may be specified by contract, the actions that must be taken to compensate the injured party are largely unpredictable, and the maximum ...
Early in his career, Carver searched for a reliable guide to managing the work of a board. His research turned up little on the proper role of the board of directors. Carver noticed that board members often wonder what the board's job is and where the line lies that distinguishes the board's job from that of the chief executive officer. Carver ...