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A board of directors (BOD) is a group appointed at the inception of an organization or elected to provide oversight in terms of the operations of an organization or corporation. In certain instances, especially in not-for-profit organizations (NFPs), the BOD is referred to as board of governors, board of trustees, or governing board. The task of the BOD is typically delineated in the articles of incorporation and bylaws or conferred by an external authority or body. The bylaws will typically specify the maximum number of board members, selection criteria, terms of service, and required meetings. In a publicly traded corporation, the BOD is elected by the common stockholders, who are the legal owners of the enterprise, given their capital investment. In other instances, such as ...

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