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Understanding Board of Directors

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Questions and Answers

What is the main role of a board of directors in a company?

Set strategy and oversee management (correct)

Manage day-to-day operations

Elect shareholders

Handle mergers and acquisitions

In the context of public companies, who elects the board of directors?

Suppliers

Senior managers

Customers

Shareholders (correct)

What is a key responsibility of the board of directors related to senior managers?

Micromanage their tasks

Choose their team members

Handle day-to-day operations

Set their pay (correct)

How are board of directors candidates typically nominated?

By outsiders seeking change Signup and view all the answers

What requirement do the New York Stock Exchange and Nasdaq impose on listed companies regarding board members?

Majority must be outside, or independent, directors Signup and view all the answers

How are the structure and powers of a board of directors determined?

Bylaws and articles of incorporation Signup and view all the answers

What is one of the primary responsibilities of a board of directors?

Protecting the interests of shareholders Signup and view all the answers

Which of the following is NOT a key function of a board of directors?

Implementing marketing campaigns Signup and view all the answers

How does a board of directors contribute to a company's direction?

By defining objectives and major goals Signup and view all the answers

Which of the following is a responsibility of a board of directors?

Hiring and dismissing senior executives Signup and view all the answers

How does a board of directors contribute to a company's financial oversight?

By monitoring accounting activities Signup and view all the answers

What is a responsibility of a board of directors during a crisis situation?

Leading crisis management efforts Signup and view all the answers