Search results
Results From The WOW.Com Content Network
The duties imposed on directors are fiduciary duties, similar to those that the law imposes on those in similar positions of trust: agents and trustees. The duties apply to each director separately, while the powers apply to the board jointly. Also, the duties are owed to the company itself, and not to any other entity. [41]
When an executive officer's ability to perform their duties is diminished due to old age, it is customary for them to serve out the remainder of their term, but with a deputy to help perform their duties. Neither the shareholders nor the executive board can compel an officer to retire, whereas the supervisory board can. [1]
Directors' duties are a series of statutory, common law and equitable obligations owed primarily by members of the board of directors to the corporation that employs them. It is a central part of corporate law and corporate governance. Directors' duties are analogous to duties owed by trustees to beneficiaries, and by agents to principals.
In the two-tiered board, the executive board, made up of company executives, generally runs day-to-day operations while the supervisory board, made up entirely of non-executive directors who represent shareholders and employees, hires and fires the members of the executive board, determines their compensation, and reviews major business decisions.
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.
While most executive agencies have a single director, administrator, or secretary appointed by the president of the United States, independent agencies (in the narrower sense of being outside presidential control) almost always have a commission, board, or similar collegial body consisting of five to seven members who share power over the ...
The power of the executive to act independently depends on the county charter. The administrator or executive usually has the authority over the day-to-day operations of the county's departments. Many boards independently appoint department heads, while other boards delegate that authority to the administrator or executive.
The Executive Board administers established policies and programs and manages overall affairs of the organization (such as financial and progress reports) while giving policy recommendations to the Council, while the Executive Director (elected at the pleasure of the Board) manages day-to-day operations and the headquarters.