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The Companies Act 2013 (No. 18 of 2013) is an Act of the Parliament of India which forms the primary source of Indian company law. It received presidential assent on 29 August 2013, and largely superseded the Companies Act 1956. The Act was brought into force in stages.
The executive director is accountable to the board of directors and reports to the board on a regular basis as defined by the organization's bylaws. The board sets the vision through a high-level strategic plan, but it is the role of the executive director to create implementation plans that support the strategic plan.
The definition varies; for instance, the California Corporate Disclosure Act defines "executive officers" as the five most highly compensated officers not also sitting on the board of directors. In the case of a sole proprietorship , an executive officer is the sole proprietor.
Under this model, the board of directors is composed of both executive and non-executive directors, the latter being meant to supervise the former's management of the company. A two-tiered committee structure with a supervisory board and a managing board is common in civil law countries. [29]
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.
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.
Intel Board of Directors, 2012. The term director is a title given to the senior management staff of businesses and other large organizations.. The term is in common use with two distinct meanings, the choice of which is influenced by the size and global reach of the organization and the historical and geographic context.
The 2013 Companies Act superseded the Companies Act of 1956, under whose provisions Indian corporations previously operated.In addition to the Companies Act, corporations are subject to other regulations administered by the Ministry of Corporate Affairs (MCA), [1] which has two branches: the Regional Director (RD) and the Registrar of Companies (ROC).