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Some companies, particularly smaller, tightly held, enterprises will have a 'Board of Management' rather than a 'Board of Directors'. This board will consist of individuals, whilst not necessarily holding equity in the business, have an interest in progressing said business forward. Typically this Board of Management will include the external accountant, an independent chairperson, and others that the business owner considers can add value. (Xtrasoft personnel have sat on many such boards in the past.) |
Functions of the Board
- Set the goals for the company (both strategic and financial).
- Appoint the company's chief executive.
- Oversee the plans of managers for the acquisition and organisation of financial and human resources towards the attainment of the company's goals.
- Review at reasonable intervals the company's progress towards attaining it's goals.
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