Business, Legal & Accounting Glossary
The highest-ranking position in a corporation; the member of the board of directors who presides over board meetings. However, the chairman of the board may not always have the greatest actual authority; this is reserved for the Chief Executive Officer. Sometimes the title is honorary. In small companies, it is common for one person to hold several titles.
The Chairman of the Board is a senior corporate figure who presides over the board of directors. Much like other members of the board, the Chairman of the Board is elected by the company shareholders, and like the rest of the directorate, the Chairman of the Board is an active representative of the investors. In addition to being the highest officer in a corporation, the Chairman of the Board is responsible for overseeing the function of the board of directors, which includes presiding over the board meetings. The Chairman of the Board must also work closely with chief executive officers and other senior staff to ensure a smooth strategic operation of the company. Other duties of the Chairman of the Board may include devising business strategies and maintaining corporate integrity. A Chairman of the Board may or may not have executive authority. Typically, the Chairman of the Board is elected from the board of governors.
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This glossary post was last updated: 9th March, 2020 | 2 Views.