<P> A board of directors is a recognized group of people who jointly oversee the activities of an organization, which can be either a for - profit business, nonprofit organization, or a government agency . Such a board's powers, duties, and responsibilities are determined by government regulations (including the jurisdiction's corporations law) and the organization's own constitution and bylaws . These authorities may specify the number of members of the board, how they are to be chosen, and how often they are to meet . </P> <P> In an organization with voting members, the board is accountable to, and might be subordinate to, the organization's full membership, which usually vote for the members of the board . In a stock corporation, non-executive directors are voted for by the shareholders and the board is the highest authority in the management of the corporation . The board of directors appoints the chief executive officer of the corporation and sets out the overall strategic direction . In corporations with dispersed ownership, the identification and nomination of directors (that shareholders vote for or against) are often done by the board itself, leading to a high degree of self - perpetuation . In a non-stock corporation with no general voting membership, the board is the supreme governing body of the institution; its members are sometimes chosen by the board itself . </P> <P> Other names include board of directors and advisors, board of governors, board of managers, board of regents, board of trustees, or board of visitors . It may also be called "the executive board" and is often simply referred to as "the board". </P>

Who elects the board of directors for a publicly traded company