A board of directors is a corporate body appointed to oversee the activities of a firm. Responsibilities of members of the board of directors include establishing board policies and best practices; selecting, appointing, and supervising a chief executive officer and other top managerial executives; taking care of budgets and finances; and being accountable to stakeholders for the firm\'s performance. A board of directors is also referred to as board of managers, board of governors, board of trustees, and the executives\' board.
A member of board of directors should have 15+ years of experience in the management area of a firm\'s operations. Board of directors should have the capability to take strategic decisions for the betterment of the company. Board of directors may also be required to hold significant shares the company.