A corporate board (or board of directors) is a group of individuals who are tasked with overseeing management and the overall activities of the corporation. While the board is the ultimate governing body of the corporation, it delegates management responsibilities to the chief executive officer (CEO), who is also normally a board member. Most boards include both executive directors, who are employed by the firm, and nonexecutive directors, who are not. Nonexecutive directors who possess no material relationships with the firm other than those relating to their board duties are also called independent directors. The head of a corporate board is titled chairman, chairwoman, or board chair.

Corporate boards are expected to fulfill a wide variety of tasks, which are determined in part by the company’s ...