What is a board?
The board, whether that is for a start-up, multinational or charity, is a group of people who represent the interests of investors and shareholders. As well as guiding an organization’s executive team, it also appoints the CEO and will generally oversee operations without getting involved in the day-to-day running of the company.
Different types of businesses will have different types of boards and appoint them in different ways. For example, a large multinational with many shareholders will likely have elections. A smaller business, say something that is family-run, will choose among themselves.
In some countries, it's common to have two different types of boards within the same company. One is the advisory board as described above, often overseen by a chairperson. The second is the executive board, chaired by the CEO, which takes care of the daily running of the business.
A board’s composition may also be governed by particular regulations. For instance, it may be required to be a certain size or contain certain members.