board-of-directors

Vocabulary Word

Definition

A 'board of directors' is a group of people chosen by the shareholders of a corporation to make important decisions. This includes decisions such as hiring or firing the CEO and setting company policies.

Examples in Different Contexts

For startups, the board of directors often includes advisors who provide expertise, mentorship, and access to networks. A startup founder might share, 'Our board of directors has been instrumental in our growth, offering invaluable advice and connections.'

Practice Scenarios

Non-profit

Scenario:

Our outreach efforts are expanding. It's a step closer to achieving our vision in community service.

Response:

Glad that the board of directors is onboard with the expansion. This will have a significant impact on the community we serve.

Business

Scenario:

Our company's strategy for the next fiscal year has been set. Now it's up to our team to deliver these results.

Response:

It's fantastic that the board of directors has faith in our team's ability to deliver. We won't disappoint.