UK Accounting Glossary
Person(s) appointed by shareholders of a limited liability company to manage the affairs of the company.
A senior-level management position.
A director is one of a group of individuals elected by a company’s shareholders to represent their interests and provide guidance and advice to the corporate CEO. The role of the director (as part of a board of directors) is to select and evaluate the CEO, review and establish corporate strategy, make decisions regarding dividends and other shareholder issues and oversee regulatory compliance. A director can be an inside director employed by or affiliated with the company or an independent director with no prior affiliation. Generally, a director serves a two- or three-year term after which he/she must be re-elected by shareholders. A director is expected to attend quarterly board meetings and to serve on one or more board committees.
In the US, The Sarbanes-Oxley Act of 2002 requires that every director who serves on the audit committee must be an independent director.
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This glossary post was last updated: 23rd December 2018.