Board of directors

2040:. It was alleged that the directors had issued many new shares purely to deprive a particular shareholder of his voting majority. An argument that the power to issue shares could only be properly exercised to raise new capital was rejected as too narrow, and it was held that it would be a proper exercise of the director's powers to issue shares to a larger company to ensure the financial stability of the company, or as part of an agreement to exploit mineral rights owned by the company. If so, the mere fact that an incidental result (even if it was a desired consequence) was that a shareholder lost their majority, or a takeover bid was defeated, this would not itself make the share issue improper. But if the sole purpose was to destroy a voting majority, or block a takeover bid, that would be an improper purpose. 42: 1314:

trade options. One of the arguments for having outside directors is that they can keep a watchful eye on the inside directors and on the way the organization is run. Outside directors are unlikely to tolerate "insider dealing" between inside directors, as outside directors do not benefit from the company or organization. Outside directors are often useful in handling disputes between inside directors, or between shareholders and the board. They are thought to be advantageous because they can be objective and present little risk of conflict of interest. On the other hand, they might lack familiarity with the specific issues connected to the organization's governance, and they might not know about the industry or sector in which the organization is operating.

1503:). For example, the nature of the business entity may be one that is traded on a public market (public company), not traded on a public market (a private, limited or closely held company), owned by family members (a family business), or exempt from income taxes (a non-profit, not for profit, or tax-exempt entity). There are numerous types of business entities available throughout the world such as a corporation, limited liability company, cooperative, business trust, partnership, private limited company, and public limited company. 2420:

issues such as excessive executive compensation and passive participation (lack of proper governance) of the board members. The journal paper cites examples of underperforming CEOs of Fortune 500 companies who took compensation and retirement package in hundreds of millions of dollars while the stock price of their companies lost billions of dollars. The research proposes institutionalizing a standardized board evaluation framework to help balance between the executive compensation and protecting the interest of shareholders

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year since they often sit on the boards of several companies. Inside directors are usually not paid for sitting on a board, but the duty is instead considered part of their larger job description. Outside directors are usually paid for their services. These remunerations vary between corporations, but usually consist of a yearly or monthly salary, additional compensation for each meeting attended, stock options, and various other benefits. such as travel, hotel and meal expenses for the board meetings.

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alone can exercise these powers. The only way in which the general body of shareholders can control the exercise of powers by the articles in the directors is by altering the articles, or, if opportunity arises under the articles, by refusing to re-elect the directors of whose actions they disapprove. They cannot themselves usurp the powers which by the articles are vested in the directors any more than the directors can usurp the powers vested by the articles in the general body of shareholders.

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sustainability. A social board has society designed into its structure. It elevates the voice of society through specialist appointments to the board and mechanisms that empower innovation from within the organisation. Social boards align themselves with themes that are important to society. These may include measuring worker pay ratios, linking personal social and environmental objectives to remuneration, integrated reporting, fair tax and B-Corp certification.

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to the limited time they can dedicate to this task. Overconfident directors are found to pay higher premiums in corporate acquisitions and make worse takeover choices. Locally rooted directors tend to be overrepresented and lack international experience, which can lead to lower valuations, especially in internationally oriented firms. Directors' military experience is associated with rigorous monitoring and improved corporate governance.

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when it contradicts the board's views. In addition, many shareholders vote to accept all recommendations of the board rather than try to get involved in management, since each shareholder's power, as well as interest and information is so small. Larger institutional investors also grant the board proxies. The large number of shareholders also makes it hard for them to organize. However, there have been moves recently to try to increase

1122: 2098:"A corporate body can only act by agents, and it is, of course, the duty of those agents so to act as best to promote the interests of the corporation whose affairs they are conducting. Such agents have duties to discharge of a fiduciary nature towards their principal. And it is a rule of universal application that no one, having such duties to discharge, shall be allowed to enter into engagements in which he has, 1534:

and the secretary, and the officers become members of the board in addition to the directors and retain those duties on the board. The directors may also be classified as officers in this situation. There may also be ex-officio members of the board, or persons who are members due to another position that they hold. These ex-officio members have all the same rights as the other board members.

1463:, and the assessment of the board process through standardized assessments of board members, owners, and CEOs. The science of this process has been slow to develop due to the secretive nature of the way most companies run their boards, however some standardization is beginning to develop. Some who are pushing for this standardization in the US are the 1674:

have "unitary" boards, which bring together executive and non-executive board members. In some countries there is also an additional statutory body for audit purposes. The OECD Principles are intended to be sufficiently general to apply to whatever board structure is charged with the functions of governing the enterprise and monitoring management.

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both companies and made a substantial profit. The shareholders of Company A sued asking that directors and their friends to disgorge the profits that they had made in connection with their 3,000 shares in Company B – the very same shares which the shareholders in Company A had been asked to subscribe (through Company A) but refused to do so.

1622:, for example, pays directors an annual retainer of $ 46,500, an additional annual retainer of $ 2,500 if the director is also a chairperson of a committee, a per-meeting-attended fee of $ 2,000 for meetings attended in person, a $ 500 fee for each meeting attended via telephone, in addition to stock options and retirement benefits. 2310:, protections for non-member stakeholders were considerably more limited (see, for example, s.309 which permitted directors to take into account the interests of employees but which could only be enforced by the shareholders and not by the employees themselves). The changes have therefore been the subject of some criticism. 2143:"(i) that what the directors did was so related to the affairs of the company that it can properly be said to have been done in the course of their management and in the utilisation of their opportunities and special knowledge as directors; and (ii) that what they did resulted in profit to themselves." 2081:

By definition, where a director enters into a transaction with a company, there is a conflict between the director's interest (to enrich themselves with the transaction) and their duty to the company (to ensure that the company gets as much as it can out of the transaction). In some places, this rule

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A company is an entity distinct alike from its shareholders and its directors. Some of its powers may, according to its articles, be exercised by directors, certain other powers may be reserved for the shareholders in general meeting. If powers of management are vested in the directors, they and they

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unto itself. For major corporations, the board members are usually professionals or leaders in their field. In the case of outside directors, they are often senior leaders of other organizations. Nevertheless, board members often receive remunerations amounting to hundreds of thousands of dollars per

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power. Most shareholders do not attend shareholder meetings, but rather cast proxy votes via mail, phone, or internet, thus allowing the board to vote for them. However, proxy votes are not a total delegation of the voting power, as the board must vote the proxy shares as directed by their owner even

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According to John Gillespie, a former investment banker and co-author of a book critical of boards, "Far too much of their time has been for check-the-box and cover-your-behind activities rather than real monitoring of executives and providing strategic advice on behalf of shareholders". At the same

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Social boards recognise that they are part of society and that they require more than a licence to operate to succeed. They balance short-term shareholder pressure against long-term value creation, managing the business for a plurality of stakeholders including employees, shareholders, supply chains

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This does not mean, however, that the board cannot agree to the company entering into a contract which binds the company to a certain course, even if certain actions in that course will require further board approval. The company remains bound, but the directors retain the discretion to vote against

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In practice, it can be quite difficult to remove a director by a resolution in general meeting. In many legal systems, the director has a right to receive special notice of any resolution to remove them; the company must often supply a copy of the proposal to the director, who is usually entitled to

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Academic research has identified different types of board directors. Their characteristics and experiences shape their role and performance. For instance, directors with multiple mandates are often referred to as busy directors. Their monitoring performance is considered to be comparatively weak due

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systems to address the disproportionality of gender representation on corporate boards. A study of the French corporate elite has found that certain social classes are also disproportionately represented on boards, with those from the upper and, especially, upper-middle classes tending to dominate.

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Most companies have weak mechanisms for bringing the voice of society into the board room. They rely on personalities who were not appointed for their understanding of societal issues. Often they give limited focus (both through time and financial resource) to issues of corporate responsibility and

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countries. Some countries have two-tier boards that separate the supervisory function and the management function into different bodies. Such systems typically have a "supervisory board" composed of nonexecutive board members and a "management board" composed entirely of executives. Other countries

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A contrasting view is that in large public companies it is upper management and not boards that wield practical power, because boards delegate nearly all of their power to the top executive employees, adopting their recommendations almost without fail. As a practical matter, executives even choose

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Outside directors bring outside experience and perspectives to the board. For example, for a company that serves a domestic market only, the presence of CEOs from global multinational corporations as outside directors can help to provide insights on export and import opportunities and international

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of not less than £5,000 (a substantial sum at the time). Company A was unable to subscribe for more than £2,000 in shares, so the directors arranged for the remaining 3,000 shares to be taken by themselves and their friends. Later, instead of selling the undertaking, they sold all of the shares in

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According to the Corporate Library's study, the average size of publicly traded company's board is 9.2 members, and most boards range from 3 to 31 members. According to Investopedia, some analysts think the ideal size is seven. State law may specify a minimum number of directors, maximum number of

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Directors must exercise their powers for a proper purpose. While in many instances an improper purpose is readily evident, such as a director looking to enrich themselves or divert an investment opportunity to a relative, such breaches usually involve a breach of the director's duty to act in good

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The setup of a board of directors vary widely across organizations and may include provisions that are applicable to corporations, in which the "shareholders" are the members of the organization. A difference may be that the membership elects the officers of the organization, such as the president

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See generally, Bowen, William G., The board book: an insider's guide for directors and trustees (2008 W.W. Norton & Co.); Murray, Alan S., Revolt in the boardroom: the new rules of power in corporate America (2007 Collins); Charan, Ram, Boards that deliver: advancing corporate governance from

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is now the direct responsibility of directors. The vast majority of companies covered by the act have hired internal auditors to ensure that the company adheres to required standards of internal control. The internal auditors are required by law to report directly to an audit board, consisting of

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The duties apply to each director separately, while the powers apply to the board jointly. Also, the duties are owed to the company itself, and not to any other entity. This does not mean that directors can never stand in a fiduciary relationship to the individual shareholders; they may well have

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must be present before any business may be conducted. Usually, a meeting which is held without notice having been given is still valid if all of the directors attend, but it has been held that a failure to give notice may negate resolutions passed at a meeting, because the persuasive oratory of a

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required that nominating committees consist of independent directors as a condition of listing, nomination committees have historically received input from management in their selections even when the CEO does not have a position on the board. Shareholder nominations can only occur at the general

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According to the International Institute of Management, the rise in investor dissatisfaction, class-action lawsuits and shareholder activism has resulted in more attention directed toward the board of directors and the lack of corporate governance accountability. Shareholders' complaints include

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A 2010 study examined how corporate shareholders voted in director elections in the United States. It found that directors received fewer votes from shareholders when their companies performed poorly, had excess CEO compensation, or had poor shareholder protection. Also, directors received fewer

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The development of a separate board of directors to manage/govern/oversee a company has occurred incrementally and indefinitely over legal history. Until the end of the 19th century, it seems to have been generally assumed that the general meeting (of all shareholders) was the supreme organ of a

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In the United States, the board of directors (elected by the shareholders) is often equivalent to the supervisory board, while the executive board may often be known as the executive committee (operating committee or executive council), composed of the CEO and their direct reports (other C-level

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The adoption of technology that facilitates the meeting preparation and execution of directors continues to grow. Board directors are increasingly leveraging this technology to communicate and collaborate within a secure environment to access meeting materials, communicate with each other, and

1530:. The amount of powers and authority delegated to the board depend on the bylaws and rules of the particular organization. Some organizations place matters exclusively in the board's control while in others, the general membership retains full power and the board can only make recommendations. 2072:

As fiduciaries, the directors may not put themselves in a position where their interests and duties conflict with the duties that they owe to the company. The law takes the view that good faith must not only be done, but must be manifestly seen to be done, and zealously patrols the conduct of

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However, this decision was based firmly in the older notions (see above) that prevailed at the time as to the mode of corporate decision making, and effective control residing in the shareholders; if they elected and put up with an incompetent decision maker, they should not have recourse to

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For example, if the board is authorised by the shareholders to negotiate with a takeover bidder. It has been held in New Zealand that "depending upon all the surround circumstances and the nature of the responsibility which in a real and practical sense the director has assumed towards the

1592:, the board tends to exercise more of a supervisory role, and individual responsibility and management tends to be delegated downward to individual professional executives (such as a finance director or a marketing director) who deal with particular areas of the company's affairs. 1526:, such as a society made up of members of a certain profession or one advocating a certain cause, a board of directors may have the responsibility of running the organization in between meetings of the membership, especially if the membership meets infrequently, such as only at an 116:

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

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Much of what has been written about boards of directors relates to boards of directors of business entities actively traded on public markets. More recently, however, material is becoming available for boards of private and closely held businesses including family businesses.

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and that, where the powers of management were vested in the board, the general meeting could not interfere with their lawful exercise. The articles were held to constitute a contract by which the members had agreed that "the directors and the directors alone shall manage."

1638:(elected by the shareholders and employees) for supervising the executive board. In these countries, the chairman of the supervisory board is equivalent to the chairman of a single-tier board, while the chairman of the management board is reckoned as the company's CEO or 2319:

execute their governance responsibilities. This trend is particularly acute in the United States where a robust market of early adopters garnered acceptance of board software by organizations resulting in higher penetration of the board portal services in the region.

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However, in many jurisdictions the members of the company are permitted to ratify transactions which would otherwise fall foul of this principle. It is also largely accepted in most jurisdictions that this principle can be overridden in the company's constitution.

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be heard by the meeting. The director may require the company to circulate any representations that they wish to make. Furthermore, the director's contract of service will usually entitle them to compensation if they are removed, and may often include a generous "

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compliance to competitive advantage (2005 Jossey-Bass); Carver, John, Corporate boards that create value: governing company performance from the boardroom (2002 Jossey-Bass); Harvard Business Review on corporate governance (2000 Harvard Business School Press).

1893:) who are purportedly accountable to the board of directors have historically played a major role in selecting and nominating the directors who are voted on by the shareholders, in which case more "gray outsider directors" (independent directors with 1907:

Directors may also leave office by resignation or death. In some legal systems, directors may also be removed by a resolution of the remaining directors (in some countries they may only do so "with cause"; in others the power is unrestricted).

1384:, where a relatively small number of individuals have significant influence over many important entities. This situation can have important corporate, social, economic, and legal consequences, and has been the subject of significant research. 1588:. In practice, the amount of power exercised by the board varies with the type of company. In small private companies, the directors and the shareholders are normally the same people, and thus there is no real division of power. In large 1376:– an individual who is appointed by a shareholder, creditor or interest group (whether contractually or by resolution at a company meeting) and who has a continuing loyalty to the appointors or other interest in the appointing company 2073:

directors in this regard; and will not allow directors to escape liability by asserting that their decisions were in fact well founded. Traditionally, the law has divided conflicts of duty and interest into three sub-categories.

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Directors cannot compete directly with the company without a conflict of interest arising. Similarly, they should not act as directors of competing companies, as their duties to each company would then conflict with each other.

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in relation to the exercise of their powers, and cannot bind themselves to vote in a particular way at future board meetings. This is so even if there is no improper motive or purpose, and no personal advantage to the director.

1257:, or someone similarly connected to the organization. Inside directors represent the interests of the entity's stakeholders, and often have special knowledge of its inner workings, its financial or market position, and so on. 3922:

Charities should generally not compensate persons for service on the board of directors except to reimburse direct expenses of such service. ... Charities may pay reasonable compensation for services provided by officers and

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meeting itself or through the prohibitively expensive process of mailing out ballots separately; in May 2009 the SEC proposed a new rule allowing shareholders meeting certain criteria to add nominees to the proxy statement.

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Members of the board may be removed before their term is complete. Details on how they can be removed are usually provided in the bylaws. If the bylaws do not contain such details, the section on disciplinary procedures in

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More recently, it has been suggested that both the tests of skill and diligence should be assessed objectively and subjectively; in the United Kingdom, the statutory provisions relating to directors' duties in the new

2130:, or information. This prohibition is much less flexible than the prohibition against the transactions with the company, and attempts to circumvent it using provisions in the articles have met with limited success. 2361:

The law requires companies listed on the major stock exchanges (NYSE, NASDAQ) to have a majority of independent directors—directors who are not otherwise employed by the firm or in a business relationship with it.

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countries, the powers of the board are vested in the board as a whole, and not in the individual directors. However, in instances an individual director may still bind the company by their acts by virtue of their

2106:, with the interests of those whom he is bound to protect... So strictly is this principle adhered to that no question is allowed to be raised as to the fairness or unfairness of the contract entered into..." ( 1923:

votes when they did not regularly attend board meetings or received negative recommendations from a proxy advisory firm. The study also shows that companies often improve their corporate governance by removing

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sometimes used for the CEO position in some organizations). Executive directors often have a specified area of responsibility in the organization, such as finance, marketing, human resources, or production.

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of the company. However, more recently there have been attempts to "soften" the position, and provide for more scope for directors to act as good corporate citizens. For example, in the United Kingdom, the

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have reinforced the norm that, unless the directors are acting contrary to the law or the provisions of the Articles, the powers of conducting the management and affairs of the company are vested in them.

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P. Blumberg, 'Reflections on Proposals for Corporate Reform Through Change in the Composition of the Board of Directors: "Special Interest" or "Public" Directors' (1973) 53 Boston University Law Review

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requires directors of companies "to promote the success of the company for the benefit of its members as a whole" and sets out the following six factors regarding a director's duty to promote success:

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The directors of an organization are the persons who are members of its board. Several specific terms categorize directors by the presence or absence of their other relationships to the organization.

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An outside director is a member of the board who is not otherwise employed by or engaged with the organization, and does not represent any of its stakeholders. A typical example is a director who is

1948:

The exercise by the board of directors of its powers usually occurs in board meetings. Most legal systems require sufficient notice to be given to all directors of these meetings, and that a

2569:. They formed a new company ("Company B") to take the leases of the two new cinemas. But the lessor insisted on various stipulations, one of which was that Company B had to have a paid up 4072: 3827: 1514:

organization is one whose board is self-appointed, rather than being accountable to a base of members through elections; or in which the powers of the membership are extremely limited.

1455:, includes the selection of board members, the setting of clear board objectives, the dissemination of documents or board package to the board members, the collaborative creation of an 1911:

Some jurisdictions also permit the board of directors to appoint directors, either to fill a vacancy which arises on resignation or death, or as an addition to the existing directors.

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of the company to disenfranchise voting rights attached to shares for failure to properly comply with notice served on the shareholders. Prior to that case the leading authority was

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A board of directors conducts its meetings according to the rules and procedures contained in its governing documents. These procedures may allow the board to conduct its business by

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In an organization with voting members, the board is accountable to, and may be subordinate to, the organization's full membership, which usually elect the members of the board. In a

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had found new positions as directors. The SEC sometimes imposes a ban (a "D&O bar") on serving on a board as part of its fraud cases, and one of these was upheld in 2013.

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KJ Hopt and PC Leyens, 'Board Models in Europe – Recent Developments of Internal Corporate Governance Structures in Germany, the United Kingdom, France, and Italy' (2004)

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In summary, the facts were as follows: Company A owned a cinema, and the directors decided to acquire two other cinemas with a view to selling the entire undertaking as a

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and too much power being concentrated in the hands of one person. There is a strong parallel here with the structure of government, which tends to separate the political

3380: 1225:. However, in membership organizations, the members elect the president of the organization and the president becomes the board chair, unless the by-laws say otherwise. 2416:

time, scholars have found that individual directors have a large effect on major corporate initiatives such as mergers and acquisitions and cross-border investments.

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This represents a considerable departure from the traditional notion that directors' duties are owed only to the company. Previously in the United Kingdom, under the

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In many countries, there is also a statutory duty to declare interests in relation to any transactions, and the director can be fined for failing to make disclosure.

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An inside director who is employed as a manager or executive of the organization is sometimes referred to as an executive director (not to be confused with the title

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In the United Kingdom, see section 304(1) of the Companies Act 1985. A private company cannot use a written resolution under section 381A – a meeting must be held.

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has been the subject of much criticism in recent years. Governments and corporations have responded with measures such as legislation mandating gender quotas and

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do. 80% of nonprofit organizations require board members to personally contribute to the organization. As of 2007, this percentage had increased in recent years.

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Traditionally, the level of care and skill which has to be demonstrated by a director has been framed largely with reference to the non-executive director. In

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Historically, directors' duties have been owed almost exclusively to the company and its members, and the board was expected to exercise its powers for the

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with no general voting membership, the board is the supreme governing body of the institution, and its members are sometimes chosen by the board itself.

2798: 1152: 3286: 1873:. For publicly traded companies in the U.S., the directors which are available to vote on are largely selected by either the board as a whole or a 2881: 2766: 2019:

faith. Greater difficulties arise where the director, while acting in good faith, is serving a purpose that is not regarded by the law as proper.

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While a board may have several committees, two—the compensation committee and audit committee—are critical and must be made up of at least three

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company, and that the board of directors merely acted as an agent of the company subject to the control of the shareholders in general meeting.

4105: 4081: 4035: 3984: 3835: 2457: 1826: 1698: 1499:

The responsibilities of a board of directors vary depending on the nature and type of business entity and the laws applying to the entity (see

1408: 1346:– an inside director who is also an executive with the organization. The term is also used, in a completely different sense, to refer to a CEO 1634:

In some European and Asian countries, there are two separate boards, an executive board (or management board) for day-to-day business and a

1245:, a position that does not carry any executive authority and represents recognition of the person's corporate governorship and performance. 1283:

Representatives of other stakeholders such as labor unions, major lenders, or members of the community in which the organization is located

4400: 3734: 2396: 2177:"a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of 1464: 4011: 4869: 4473: 3866: 3914: 1990:

Because directors exercise control and management over the organization, but organizations are (in theory) run for the benefit of the

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And accordingly, the directors were required to disgorge the profits that they made, and the shareholders received their windfall.

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In most legal systems, the appointment and removal of directors is voted upon by the shareholders in general meeting or through a

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2 Ch 34 that the division of powers between the board and the shareholders in general meaning depended on the construction of the

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in the United States estimated that directors averaged 4.3 hours a week on board work. Surveys have indicated that about 20% of

1204:

The legal responsibilities of boards and board members vary with the nature of the organization, and between jurisdictions. For

4340: 4162: 90:. These authorities may specify the number of members of the board, how they are to be chosen, and how often they are to meet. 3377: 2139:

All ER 378 the House of Lords, in upholding what was regarded as a wholly unmeritorious claim by the shareholders, held that:

1994:, the law imposes strict duties on directors in relation to the exercise of their duties. The duties imposed on directors are 1310:

of a firm in a different industry. Outside directors are not employees of the company or affiliated with it in any other way.

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In most jurisdictions, the law provides for a variety of remedies in the event of a breach by the directors of their duties:

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or conflict of duty is purely hypothetical, the directors can be forced to disgorge all personal gains arising from it. In

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Cai, Jay; Garner, Jacqueline; Walkling, Ralph (2010). "Shareholder Access to the Boardroom: A Survey of Recent Evidence".

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directors, and qualifications for directors (e.g. whether board members must be individuals or may be business entities).

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It has been remarked that this development in the law was somewhat surprising at the time, as the relevant provisions in

4049: 1176:(of which the titles vary from organization to organization; the chief executive may be titled chief executive officer, 4616: 2539:

Although as Gower points out, as well understood as the rule is, there is a paucity of authority on the point. But see

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See specifically Tutelman and Hause, The Balance Point: New Ways Business Owners Can Use Boards (2008 Famille Press).

2992: 2091: 1856: 1728: 1556:, directors are elected to represent and are legally obligated as fiduciaries to represent owners of the company—the 1438: 706: 3053: 4420:

Website of the board of a large U.S. university, illustrating a typical board's composition, duties, concerns, etc.

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decision in Eclairs Group Ltd v JKX Oil & Gas plc (2015). The case concerned the powers of directors under the

1138: 755: 4437: 2913:"Does the Number of Interlocking Directors Influence a Firm's Financial Performance? An Exploratory Meta-Analysis" 4792: 3790: 3772: 34:"The Board of Directors" redirects here. For the album by the Mills Brothers with Count Basie and orchestra, see 2126:

Directors must not, without the informed consent of the company, use for their own profit the company's assets,

1560:/stockholders. In this capacity they establish policies and make decisions on issues such as whether there is 4466: 2349:

of 2002 has introduced new standards of accountability on boards of U.S. companies or companies listed on U.S.

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or classified boards and by reducing excessive CEO pay after their directors receive low shareholder support.

4606: 1966: 1756: 1360:– an individual who acts as a director of the company but has not actually or validly been appointed as such. 1126: 871: 781: 432: 4119:

Money for Nothing: How the Failure of Corporate Boards is Ruining American Business and Costing Us Trillions

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Not all jurisdictions recognised the "proper purpose" duty as separate from the "good faith" duty however.

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companies received median pay of $ 234,000 in 2011. Directorship is a part-time job. A 2011 study by the

2135: 1307: 1177: 979: 866: 816: 24: 109:(such as Germany and Sweden), the workers of a corporation elect a set fraction of the board's members. 3706: 3148: 2889: 2763: 1580:

Theoretically, the control of a company is divided between two bodies: the board of directors, and the

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Another feature of boards of directors in large public companies is that the board tends to have more

1332:– a director who, in addition to serving on the board, has a meaningful connection to the organization 4676: 4611: 4459: 4445: 2786: 2251: 1208:, these responsibilities are typically much more rigorous and complex than for those of other types. 1014: 793: 735: 437: 269: 2778: 1610:

the directors, with shareholders normally following management recommendations and voting for them.

1340:– a director who, other than serving on the board, has no meaningful connections to the organization 4731: 4706: 4661: 4626: 4621: 4586: 4546: 4541: 4536: 4516: 3901: 2499:

In the United Kingdom it is 28 days' notice, see sections 303(2) and 379 of the Companies Act 1985.

2447: 2353:. Under the act, directors risk large fines and prison sentences in the case of accounting crimes. 2022:

The seminal authority in the United Kingdom in relation to what amounts to a proper purpose is the

1500: 1381: 1275: 1029: 1004: 740: 450: 384: 354: 105:, and the board has ultimate responsibility for the management of the corporation. In nations with 4306: 1953:

minority of directors might have persuaded the majority to change their minds and vote otherwise.

1326:– a person appointed to serve on the board of an organization, such as an institution or business. 4920: 4736: 4716: 4666: 4646: 4631: 4601: 4591: 4581: 4576: 4506: 4179:

Stroup, Caleb (28 November 2015). "International Deal Experience and Cross-Border Acquisitions".

2027: 1924: 1878: 1838: 1710: 1420: 1271: 1222: 1019: 999: 984: 939: 765: 510: 490: 441: 427: 422: 418: 379: 173: 113: 2150:

The decision has been followed in several subsequent cases, and is now regarded as settled law.

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SEC Votes to Propose Rule Amendments to Facilitate Rights of Shareholders to Nominate Directors

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The desirability of the company maintaining a reputation for high standards of business conduct

2211:

This was a dual subjective and objective test, and one deliberately pitched at a higher level.

2203:

related only to skill, and not to diligence. With respect to diligence, what was required was:

1527: 1350: 1079: 1064: 994: 856: 760: 409: 309: 289: 279: 244: 98: 64: 4208: 3731: 1217:(often now called the "chair" or "chairperson"), who holds whatever title is specified in the 1169:

Governing the organization by establishing broad policies and setting out strategic objectives

74:

The powers, duties, and responsibilities of a board of directors are determined by government

4915: 4696: 4681: 4671: 4651: 4571: 4551: 4531: 4511: 3360: 2954: 2837: 2358:

directors more than half of whom are outside directors, one of whom is a "financial expert".

2127: 1565: 1523: 1468: 961: 843: 831: 723: 716: 691: 653: 628: 578: 485: 446: 194: 118: 3905: 2774: 2293:

The need to foster the company's business relationships with suppliers, customers and others

1834: 1771:

AC 442 and has since received general acceptance. Under English law, successive versions of

1706: 1416: 4859: 4767: 4596: 4566: 4238:"The Multiplicity of Regulatory Responses to Remedy the Gender Imbalance on Company Boards" 3596: 2912: 2400: 2380: 2083: 1981: 1962: 1894: 1874: 1655: 1651: 1647: 1603: 1301: 1024: 949: 934: 821: 811: 788: 728: 696: 598: 540: 302: 199: 2859: 2383:

and no inside directors. Other common committees in boards are nominating and governance.

1650:

by the supervisory board and allows for clear lines of authority. The aim is to prevent a

1642:. These two roles are always held by different people. This ensures a distinction between 1253:

An inside director is a director who is also an employee, officer, chief executive, major

8: 4930: 4521: 3402: 2790: 1205: 1194: 1106: 1089: 1074: 924: 901: 886: 806: 770: 745: 701: 573: 563: 545: 413: 369: 284: 264: 56: 3659: 3634:

2 AC 46 (corporate opportunity, which again, the company itself had declined to take up)

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duties, similar to those that the law imposes on those in similar positions of trust:

4884: 4879: 4874: 4762: 4741: 4382: 4331: 4302: 4290: 4204: 4200: 4131: 4099: 4029: 3978: 3469: 3166: 2428: 2275: 2246: 1639: 1635: 1484: 1380:

Individual directors often serve on more than one board. This practice results in an

1366:– an individual who acts as a director of the company but is not a named director (a 1241:

Corporations often appoint a former senior executive and ex-board member as honorary

1049: 956: 912: 838: 711: 618: 588: 525: 319: 94: 68: 20: 3582: 2759: 2688: 2060:

taking the future actions (although that may involve a breach by the company of the

4282: 4249: 4188: 4154: 4146: 3645: 3477: 3465: 3424: 3259: 3226: 3195: 3162: 2927: 2636: 2354: 1985: 1916: 1901: 1619: 1456: 1336: 1101: 919: 861: 686: 681: 643: 480: 475: 234: 143: 4448:. They operate with two domains Boardroomeducation.com and globalboardadvisors.com 3199: 1172:

Selecting, appointing, supporting, reviewing the performance, and terminating the

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Ch 407, it was expressed in purely subjective terms, where the court held that:

1936:

noted that several directors who had overseen companies which had failed in the

4797: 3998: 3264: 3247: 3231: 3214: 2350: 1802:(as it was then) seemed to contradict this approach rather than to endorse it. 1763:

The new approach did not secure immediate approval, but it was endorsed by the

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For example, in the United Kingdom, see section 303 of the Companies Act 1985.

1930:

Board accountability to shareholders is a recurring issue. In September 2010,

1354:– a director (inside or outside) who is not an executive with the organization 4899: 4294: 4286: 4057: 3280:"Using the OECD Principles for Corporate Governance: A Boardroom Perspective" 2570: 2566: 2517:

In the United Kingdom, see sections 303(2) and (3) of the Companies Act 1985.

2037: 1659: 1606:

among both institutional investors and individuals with small shareholdings.

1569: 1059: 495: 342: 79: 4363:

Comparative Corporate Governance: The State of the Art and Emerging Research

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Corporate governance and firm value: The impact of the 2002 governance rules

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CEO involvement in the selection of new board members: An empirical analysis

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The impact of the company's operations on the community and the environment

2207:"such care as an ordinary man might be expected to take on his own behalf." 1999: 638: 515: 505: 217: 83: 3091: 3000: 4757: 3947: 3677:"Global Board Portal Market Growth, Leading Players And Forecast To 2023" 3061: 2392: 2121: 1991: 1904:, a fixed fraction of the board is elected by the corporation's workers. 1581: 1557: 1460: 1265: 1254: 1094: 633: 274: 259: 254: 102: 75: 4392: 2689:"Overview of Roles and Responsibilities of Corporate Board of Directors" 19:"Board room" and "board of trustees" redirect here. For other uses, see 4838: 4828: 4813: 4434: 4271:"Pathways to Power: Class, Hyper-Agency and the French Corporate Elite" 4192: 2242: 2052: 1957: 1643: 1511: 187: 4225:. Executive Education Journal - International Institute of Management. 4158: 4004:

National Board Governance Survey for Not-for-Profit Organizations 2007

3456:

Cai, J.; Garner, J. L.; Walkling, R. A. (2009). "Electing Directors".

4254: 4237: 2616:

Commonwealth of Virginia, State Corporation Commission, Business FAQs

1995: 1280:

Large shareholders (who may or may not also be employees or officers)

568: 470: 463: 4416:— UK professional body for non-executive directors and board members 3436: 1200:

Setting the salaries, compensation and benefits of senior management

4451: 4369: 4358: 2463: 2255: 2061: 2051:

Directors cannot, without the consent of the company, fetter their

2036:

AC 821. The case concerned the power of the directors to issue new

1597: 1561: 1213: 404: 359: 150: 60: 4446:

https://www.aacsb.edu/businesses/business-membership/find-a-member

4333:

Leading with intent: A national index of nonprofit board practices

3707:"Board & Committee Meetings | Board Portal Software | OnBoard" 2453:

Governing boards of colleges and universities in the United States

3285:. Organisation for Economic Co-operation and Development (OECD). 2556:

In the United Kingdom, see section 317 of the Companies Act 1985.

2236: 2003: 1799: 1772: 239: 87: 4269:

Maclean, Mairi; Harvey, Charles; Kling, Gerhard (1 June 2014).

1949: 1882: 1614: 1488: 1218: 1121: 4223:"Corporate Governance: How To Evaluate The Board of Directors" 1697:

deal primarily with the United Kingdom and do not represent a

4413: 3812:

Compensation Committee Structure, Function and Best Practices

1825:

deal primarily with the United States and do not represent a

1752:

Automatic Self-Cleansing Filter Syndicate Co Ltd v Cuninghame

1407:

deal primarily with the United States and do not represent a

1042: 204: 3538:

Breckland Group Holdings Ltd v London and Suffolk Properties

2193:

However, a more modern approach has since developed, and in

2067: 2670: 2668: 1670: 1669:

Board structures and procedures vary both within and among

1370:

director) and does not claim or purport to act as director.

1211:

Typically, the board chooses one of its members to be the

45:

Center for Interfaith Relations Board of Directors meeting

4424: 3928: 3881: 1889:

In practice for publicly traded companies, the managers (

1187:

Ensuring the availability of adequate financial resources

648: 4359:

The German Two-Tier Board: Experience, Theories, Reforms

3900: 2758:

This section was developed from numerous definitions in

2665: 2287:

The likely consequences of any decision in the long term

1459:

for the meeting, the creation and follow-up of assigned

4429: 3907:

Governance and Related Topics - 501(c)(3) Organizations

3789:. harborcompliance.com. 27 January 2014. Archived from 3508:

SEC Wins D&O Bar Against Alleged Hedge Fund Scammer

2742: 2740: 2471:

Worker representation on corporate boards of directors

2425:

gender representation on corporate boards of directors

2302:

The need to act fairly as between members of a company

2162: 2122:

Use of corporate property, opportunity, or information

1451:

The process for running a board, sometimes called the

3771:. harborcompliance.com. 22 April 2014. Archived from 3084:"Frequently Asked Questions about RONR (Question 20)" 3034: 2993:"Frequently Asked Questions about RONR (Question 19)" 2637:"Chapter 181, Nonstock Corporations (Sect. 181.0804)" 1206:

companies with shares publicly listed for negotiation

4132:"Director Histories and the Pattern of Acquisitions" 3054:"Frequently Asked Questions about RONR (Question 2)" 2737: 2046: 1568:

distributed to employees, and the hiring/firing and

3630:(1973) 40 DLR (3d) 371 (corporate opportunity) and 3146: 4381:(11th ed.). Philadelphia, PA: Da Capo Press. 4268: 3182:"Board overconfidence in mergers and acquisitions" 2874: 2721:. Institute on Governance (Canada). Archived from 2592: 2526:This division was rejected in British Columbia in 1270:Other executives of the organization, such as its 3455: 3355: 3353: 3351: 2959:: CS1 maint: DOI inactive as of September 2024 ( 4897: 3407:The Harvard John M. Olin Discussion Paper Series 3401:Hirst, Scott; Bebchuk, Lucian (1 January 2010). 3090:. The Robert's Rules Association. Archived from 3060:. The Robert's Rules Association. Archived from 2999:. The Robert's Rules Association. Archived from 2076: 1264:A chief executive officer (CEO) who may also be 3492:Companies May Fail, but Directors Are in Demand 1165:Typical duties of boards of directors include: 4139:Journal of Financial and Quantitative Analysis 4129: 3403:"Private Ordering and the Proxy Access Debate" 3348: 3179: 2852: 2458:Parliamentary procedure in the corporate world 2222: 4467: 3637: 3252:Review of Quantitative Finance and Accounting 3219:Review of Quantitative Finance and Accounting 3135:Fees, CEO Evaluation, and Ownership Structure 3116:Titles Associated with Executive Compensation 3088:The Official Robert's Rules of Order Web Site 3058:The Official Robert's Rules of Order Web Site 2997:The Official Robert's Rules of Order Web Site 2153: 2082:is so strictly enforced that, even where the 2013: 1919:" which also acts as a deterrent to removal. 1823:The examples and perspective in this section 1695:The examples and perspective in this section 1405:The examples and perspective in this section 1146: 4080:, Washington, DC, p. 12, archived from 3400: 2403:pay their board members, and 2% of American 4425:National Association of Corporate Directors 4329: 4074:BoardSource nonprofit governance index 2010 4070: 3959:, Washington, DC, p. 4, archived from 3946: 3934: 3887: 3859:"Board Compensation: To Pay or Not to Pay?" 3622:Industrial Development Consultants v Cooley 3212: 2830: 2397:National Association of Corporate Directors 1613:In most cases, serving on a board is not a 1517: 1465:National Association of Corporate Directors 4870:List of business and finance abbreviations 4474: 4460: 4104:: CS1 maint: location missing publisher ( 4034:: CS1 maint: location missing publisher ( 3983:: CS1 maint: location missing publisher ( 3245: 3147:Eliezer M., Fich; Shidasani, Anil (2006). 2545:Dawson International plc v Coats Paton plc 1841:, or create a new section, as appropriate. 1713:, or create a new section, as appropriate. 1423:, or create a new section, as appropriate. 1153: 1139: 16:Type of governing body for an organisation 4253: 3865:. Philanthropy Roundtable. Archived from 3578:Eclairs Group Ltd v JKX Oil & Gas plc 3263: 3230: 2199:BCLC 498 the court held that the rule in 1857:Learn how and when to remove this message 1782:John Shaw & Sons (Salford) Ltd v Shaw 1729:Learn how and when to remove this message 1439:Learn how and when to remove this message 4010:, Chicago, IL, p. 9, archived from 3997: 3856: 3850: 3213:Kind, Axel; Volonte, Christophe (2024). 3180:Twardawski, Torsten; Kind, Axel (2023). 2322: 2290:The interests of the company's employees 1387: 40: 4444:GBAC is AACSB Business Alliance Member 4130:Rousseau, Peter; Stroup, Caleb (2015). 3822: 3820: 3525:Re Portuguese Consolidated Copper Mines 3246:Nawaz, Tasawar; Nawaz, Tahseen (2024). 1805: 1494: 4898: 4375:Robert, Henry M.; et al. (2011). 4374: 4235: 4178: 3749: 3747: 3111: 3109: 3040: 2746: 2674: 2598: 2010:such a duty in certain circumstances. 1666:officers, division/subsidiary heads). 4455: 4378:Robert's Rules of Order Newly Revised 3920:from the original on 9 October 2022, 3828:"Company directors see pay skyrocket" 3757:. investopedia.com. 29 February 2008. 3671: 3669: 3376:Chhaochharia V, Grinstein Y. (2007). 3149:"Are Busy Boards Effective Monitors?" 2340: 2260:Restoration of the company's property 2064:that the board previously approved). 1943: 1779:The modern doctrine was expressed in 1749:had made it clear in the decision of 4481: 4168:from the original on 9 October 2022. 3857:Schambra, William A. (Winter 2008). 3817: 3787:"U.S. Nonprofit Governance by State" 3779: 3769:"U.S. Corporate Governance by State" 3761: 3292:from the original on 18 October 2013 2910: 2804: 2686: 2196:Dorchester Finance Co Ltd v Stebbing 1809: 1681: 1391: 112:The board of directors appoints the 59:that supervises the activities of a 4346:from the original on 9 October 2022 3755:"Evaluating The Board of Directors" 3744: 3624:1 WLR 443 (corporate information), 3106: 2941:from the original on 9 October 2022 2812:"The Honorary President definition" 2653:from the original on 9 October 2022 2170:Re City Equitable Fire Insurance Co 2163:Common law duties of care and skill 1487:means. They may also specify how a 1295: 1236: 13: 3666: 2985: 2219:have been codified on this basis. 2102:, a personal interest conflicting 1629: 1248: 1197:for the organization's performance 29:board of trustees (disambiguation) 14: 4942: 4407: 3834:. 26 October 2011. Archived from 3711:Passageways Board Portal Software 3627:Canadian Aero Service v. O'Malley 3359:Shivdasani A, Yermack D. (1999). 2777:, The Free Dictionary by Farlex ( 2612:"How are the directors selected?" 2269: 1474: 1127:Business and economics portal 4361:' in KJ Hopt and others. (eds), 4071:BoardSource (17 November 2010), 3953:Recommended governance practices 3470:10.1111/j.1540-6261.2009.01504.x 3317:Isle of Wight Rly Co v Tahourdin 3167:10.1111/j.1540-6261.2006.00852.x 2335: 1814: 1686: 1570:compensation of upper management 1396: 1317: 1120: 4435:GBAC Global Board Advisors Corp 4262: 4236:Senden, Linda (December 2014). 4229: 4215: 4172: 4123: 4112: 4064: 4042: 3991: 3940: 3893: 3805: 3724: 3699: 3652: 3615: 3603: 3588: 3570: 3556: 3544: 3530: 3513: 3501: 3484: 3449: 3430: 3417: 3394: 3370: 3335: 3323: 3304: 3272: 3239: 3206: 3173: 3140: 3128: 3076: 3046: 3025: 3015: 2967: 2904: 2559: 2550: 2533: 2520: 2511: 2502: 2493: 2484: 2467:, German for 'management board' 2386: 2136:Regal (Hastings) Ltd v Gulliver 2068:"Conflict of duty and interest" 1547: 131:board of directors and advisors 2934:(inactive 11 September 2024). 2920:American Journal of Management 2752: 2707: 2695:. Authenticity Consulting, LLC 2680: 2629: 2604: 2104:or which possibly may conflict 1260:Typical inside directors are: 124: 78:(including the jurisdiction's 36:The Board of Directors (album) 1: 3200:10.1016/j.jbusres.2023.114026 3125:| Compensation Resources Inc. 2581: 2374: 2314:Board of directors technology 2094:stated in his judgment that: 2077:Transactions with the company 1897:) are nominated and elected. 1575: 782:management information system 433:Chief human resources officer 82:) and the organization's own 4330:BoardSource (January 2015), 3490:Craig S, Lattman P. (2010). 3187:Journal of Business Research 2586: 2410: 2181:knowledge and experience." ( 2033:Howard Smith Ltd v Ampol Ltd 1228: 776:Enterprise resource planning 604:Financial statement analysis 158:. It may also be called the 7: 4401:The Case for a Social Board 4399:Acre Resources LTD (2018), 3732:The Case for a Social Board 3730:Acre Resources LTD (2018), 3137:By Joshua Kennon, About.com 2644:Wisconsin Statutes Database 2435: 2223:Remedies for breach of duty 1837:, discuss the issue on the 1709:, discuss the issue on the 1646:by the executive board and 1419:, discuss the issue on the 25:board room (disambiguation) 10: 4947: 4339:, Washington, DC: Author, 4319: 3913:, Washington, DC: Author, 3439:Journal of Applied Finance 3265:10.1007/s11156-023-01240-6 3232:10.1007/s11156-024-01266-4 3215:"Locally-rooted directors" 2154:Competing with the company 1979: 1938:2007–2008 financial crisis 1769:Quin & Axtens v Salmon 1677: 1299: 33: 18: 4847: 4806: 4750: 4489: 4430:Institute of Directors UK 4151:10.1017/s0022109015000289 3610:Teck Corporation v Millar 3343:Principles of Company Law 3312:Principles of Company Law 3121:17 September 2012 at the 2715:"Basic Role of the Board" 2528:Teck Corporation v Millar 1975: 438:Chief information officer 270:Limited liability company 4287:10.1177/0170840613509919 3902:Internal Revenue Service 2799:Economics-dictionary.com 2791:"non-executive director" 2477: 2448:Celebrity board director 1524:membership organizations 1518:Membership organizations 1501:types of business entity 1382:interlocking directorate 1276:executive vice president 1190:Approving annual budgets 451:Chief technology officer 385:Mergers and acquisitions 355:Constitutional documents 180:Management of a business 165: 4793:Representative director 2932:10.33423/ajm.v17i2.1757 2693:Free Management Library 2530:(1972) 33 DLR (3d) 288. 2405:nonprofit organizations 2365: 2047:"Unfettered discretion" 2028:articles of association 1879:New York Stock Exchange 1877:. Although in 2002 the 1757:articles of association 1747:English Court of Appeal 1541:Robert's Rules of Order 1272:chief financial officer 1223:articles of association 511:Environmental economics 491:International economics 442:Chief marketing officer 428:Chief financial officer 423:Chief operating officer 419:Chief executive officer 380:International trade law 174:Business administration 114:chief executive officer 99:non-executive directors 4865:Executive compensation 4783:Non-executive director 3737:9 October 2018 at the 3612:(1972) 33 DLR (3d) 288 3585: (2 December 2015) 3583:[2015] UKSC 71 3523:(1877) 5 Ch D 963 and 3389:The Journal of Finance 2911:Lamb, Nai Hua (2017). 2764:BusinessDictionary.com 1796: 1745:However, by 1906, the 1528:annual general meeting 1351:Non-executive director 1080:International business 1065:Business judgment rule 410:Chief business officer 310:Annual general meeting 290:State-owned enterprise 280:Privately held company 65:nonprofit organization 46: 4440:11 April 2021 at the 4054:leadingwithintent.org 3863:Philanthropy Magazine 3332:Cozens-Hardy LJ at 44 3320:(1884) LR 25 Ch D 320 2401:nonprofit foundations 2381:independent directors 2323:The board and society 2090:(1854) 1 Macq HL 461 2088:Aberdeen Ry v Blaikie 1895:conflicts of interest 1791: 1554:publicly held company 1491:is to be determined. 1471:and The Board Group. 1388:Process and structure 756:Customer relationship 692:Business intelligence 654:Financial institution 629:International finance 579:Cash conversion cycle 486:Development economics 447:Chief product officer 195:Management accounting 119:non-stock corporation 44: 4860:Corporate governance 4807:Mid-level executives 4768:Development director 4617:Information security 4312:on 19 November 2018. 4275:Organization Studies 3597:Hogg v Cramphorn Ltd 3383:11 June 2010 at the 2981:on 20 February 2009. 2882:"Executive Director" 2838:"Executive Director" 2795:Macmillan Dictionary 2783:"executive director" 2769:3 March 2011 at the 2084:conflict of interest 1963:ostensible authority 1875:nominating committee 1835:improve this section 1806:Election and removal 1707:improve this section 1658:from the management 1652:conflict of interest 1604:shareholder activism 1564:and how much it is, 1495:Non-corporate boards 1417:improve this section 1302:Independent director 697:Business development 541:Economic development 303:Corporate governance 200:Financial accounting 129:Other names include 4911:Corporate directors 4017:on 17 November 2008 4001:(7 November 2007), 3950:(12 October 2016), 3904:(4 February 2008), 3660:"Director's duties" 2886:Business Dictionary 2725:on 30 December 2007 2332:and civil society. 1107:Business statistics 1090:International trade 1075:Business operations 771:Electronic business 676:Types of management 564:Financial statement 546:Economic statistics 414:Chief brand officer 370:Corporate liability 285:Sole proprietorship 265:Joint-stock company 101:are elected by the 57:executive committee 4906:Board of directors 4855:Board of directors 4778:Executive director 4395:on 13 August 2017. 4370:EGCI Working Paper 4242:Utrecht Law Review 4193:10.1111/ecin.12365 3793:on 1 February 2014 3775:on 17 August 2018. 3687:on 10 January 2020 3527:(1889) 42 Ch D 160 3496:The New York Times 3458:Journal of Finance 3365:Journal of Finance 3314:(6th ed.), citing 3154:Journal of Finance 2860:"Outside Director" 2787:"outside director" 2687:McNamara, Carter. 2677:, p. 481–483. 2443:Alternate director 2347:Sarbanes–Oxley Act 2341:Sarbanes–Oxley Act 2308:Companies Act 1985 2281:Companies Act 2006 2232:Account of profits 2217:Companies Act 2006 1944:Exercise of powers 1933:The New York Times 1900:In countries with 1344:Executive director 1289:executive director 1266:chair of the board 1193:Accounting to the 1182:executive director 1070:Consumer behaviour 872:Product life-cycle 659:Capital management 624:Managerial finance 315:Board of directors 135:board of governors 53:board of directors 47: 4893: 4892: 4885:Talent management 4880:Supervisory board 4875:Senior management 4763:Creative director 4751:Senior executives 4388:978-0-306-82020-5 4087:on 17 August 2018 4060:on 13 March 2016. 3632:Boardman v Phipps 3551:Percival v Wright 3423:SEC. (May 2009). 3345:(6th ed.) at 185. 2779:"inside director" 2719:Governance Basics 2429:comply or explain 2276:financial benefit 2264:Summary dismissal 1982:Directors' duties 1867: 1866: 1859: 1739: 1738: 1731: 1640:managing director 1636:supervisory board 1620:Tiffany & Co. 1449: 1448: 1441: 1358:De facto director 1163: 1162: 1050:Business analysis 619:Corporate finance 589:Capital budgeting 526:Knowledge economy 320:Supervisory board 156:board of visitors 139:board of managers 95:stock corporation 69:government agency 21:supervisory board 4938: 4483:Corporate titles 4476: 4469: 4462: 4453: 4452: 4396: 4391:. Archived from 4365:(Clarendon 1998) 4354: 4353: 4351: 4345: 4338: 4314: 4313: 4311: 4305:. Archived from 4266: 4260: 4259: 4257: 4255:10.18352/ulr.300 4233: 4227: 4226: 4219: 4213: 4212: 4181:Economic Inquiry 4176: 4170: 4169: 4167: 4136: 4127: 4121: 4116: 4110: 4109: 4103: 4095: 4094: 4092: 4086: 4079: 4068: 4062: 4061: 4056:. Archived from 4046: 4040: 4039: 4033: 4025: 4024: 4022: 4016: 4009: 3995: 3989: 3988: 3982: 3974: 3973: 3971: 3965: 3958: 3944: 3938: 3935:BoardSource 2015 3932: 3926: 3925: 3919: 3912: 3897: 3891: 3888:BoardSource 2015 3885: 3879: 3878: 3876: 3874: 3854: 3848: 3847: 3845: 3843: 3824: 3815: 3809: 3803: 3802: 3800: 3798: 3783: 3777: 3776: 3765: 3759: 3758: 3751: 3742: 3728: 3722: 3721: 3719: 3717: 3703: 3697: 3696: 3694: 3692: 3683:. Archived from 3673: 3664: 3663: 3656: 3650: 3646:Theodore Goddard 3641: 3635: 3619: 3613: 3607: 3601: 3592: 3586: 3574: 3568: 3560: 3554: 3548: 3542: 3534: 3528: 3519:See for example 3517: 3511: 3505: 3499: 3488: 3482: 3481: 3464:(5): 2387–2419. 3453: 3447: 3446: 3434: 3428: 3421: 3415: 3414: 3398: 3392: 3374: 3368: 3357: 3346: 3339: 3333: 3327: 3321: 3308: 3302: 3301: 3299: 3297: 3291: 3284: 3276: 3270: 3269: 3267: 3258:(4): 1505–1523. 3243: 3237: 3236: 3234: 3210: 3204: 3203: 3177: 3171: 3170: 3144: 3138: 3132: 3126: 3113: 3104: 3103: 3101: 3099: 3080: 3074: 3073: 3071: 3069: 3050: 3044: 3038: 3032: 3029: 3023: 3019: 3013: 3012: 3010: 3008: 2989: 2983: 2982: 2977:. Archived from 2971: 2965: 2964: 2958: 2950: 2948: 2946: 2940: 2917: 2908: 2902: 2901: 2899: 2897: 2888:. Archived from 2878: 2872: 2871: 2869: 2867: 2856: 2850: 2849: 2847: 2845: 2834: 2828: 2827: 2825: 2823: 2808: 2802: 2756: 2750: 2744: 2735: 2734: 2732: 2730: 2711: 2705: 2704: 2702: 2700: 2684: 2678: 2672: 2663: 2662: 2660: 2658: 2652: 2641: 2633: 2627: 2626: 2624: 2622: 2608: 2602: 2596: 2575: 2563: 2557: 2554: 2548: 2537: 2531: 2524: 2518: 2515: 2509: 2506: 2500: 2497: 2491: 2488: 2355:Internal control 2254:of the relevant 2014:"Proper purpose" 1986:Fiduciary duties 1917:golden parachute 1902:co-determination 1891:inside directors 1862: 1855: 1851: 1848: 1842: 1818: 1817: 1810: 1734: 1727: 1723: 1720: 1714: 1690: 1689: 1682: 1590:public companies 1444: 1437: 1433: 1430: 1424: 1400: 1399: 1392: 1374:Nominee director 1337:Outside director 1296:Outside director 1237:Honorary members 1155: 1148: 1141: 1125: 1124: 1102:Business process 644:Financial market 481:Labour economics 476:Public economics 235:Corporation sole 170: 169: 144:board of regents 4946: 4945: 4941: 4940: 4939: 4937: 4936: 4935: 4896: 4895: 4894: 4889: 4843: 4834:Product manager 4824:Account manager 4819:General manager 4802: 4773:General counsel 4746: 4607:Human resources 4485: 4480: 4442:Wayback Machine 4410: 4389: 4349: 4347: 4343: 4336: 4322: 4317: 4309: 4267: 4263: 4234: 4230: 4221: 4220: 4216: 4177: 4173: 4165: 4134: 4128: 4124: 4117: 4113: 4097: 4096: 4090: 4088: 4084: 4077: 4069: 4065: 4048: 4047: 4043: 4027: 4026: 4020: 4018: 4014: 4007: 3999:Thornton, Grant 3996: 3992: 3976: 3975: 3969: 3967: 3966:on 2 March 2017 3963: 3956: 3945: 3941: 3933: 3929: 3917: 3910: 3898: 3894: 3886: 3882: 3872: 3870: 3855: 3851: 3841: 3839: 3826: 3825: 3818: 3814:Richard E. Wood 3810: 3806: 3796: 3794: 3785: 3784: 3780: 3767: 3766: 3762: 3753: 3752: 3745: 3739:Wayback Machine 3729: 3725: 3715: 3713: 3705: 3704: 3700: 3690: 3688: 3675: 3674: 3667: 3658: 3657: 3653: 3642: 3638: 3620: 3616: 3608: 3604: 3593: 3589: 3575: 3571: 3565:Coleman v Myers 3561: 3557: 3549: 3545: 3535: 3531: 3518: 3514: 3506: 3502: 3489: 3485: 3454: 3450: 3435: 3431: 3422: 3418: 3399: 3395: 3385:Wayback Machine 3375: 3371: 3358: 3349: 3340: 3336: 3328: 3324: 3309: 3305: 3295: 3293: 3289: 3282: 3278: 3277: 3273: 3244: 3240: 3211: 3207: 3178: 3174: 3145: 3141: 3133: 3129: 3123:Wayback Machine 3114: 3107: 3097: 3095: 3094:on 15 July 2017 3082: 3081: 3077: 3067: 3065: 3064:on 15 July 2017 3052: 3051: 3047: 3039: 3035: 3030: 3026: 3020: 3016: 3006: 3004: 3003:on 15 July 2017 2991: 2990: 2986: 2975:"Board Process" 2973: 2972: 2968: 2952: 2951: 2944: 2942: 2938: 2915: 2909: 2905: 2895: 2893: 2892:on 28 June 2013 2880: 2879: 2875: 2865: 2863: 2858: 2857: 2853: 2843: 2841: 2836: 2835: 2831: 2821: 2819: 2810: 2809: 2805: 2771:Wayback Machine 2757: 2753: 2745: 2738: 2728: 2726: 2713: 2712: 2708: 2698: 2696: 2685: 2681: 2673: 2666: 2656: 2654: 2650: 2639: 2635: 2634: 2630: 2620: 2618: 2610: 2609: 2605: 2597: 2593: 2589: 2584: 2579: 2578: 2564: 2560: 2555: 2551: 2543:1 Ir R 107 and 2541:Clark v Workman 2538: 2534: 2525: 2521: 2516: 2512: 2507: 2503: 2498: 2494: 2489: 2485: 2480: 2475: 2438: 2413: 2389: 2377: 2368: 2351:stock exchanges 2343: 2338: 2325: 2272: 2239:or compensation 2225: 2165: 2156: 2124: 2079: 2070: 2049: 2016: 1988: 1980:Main articles: 1978: 1969:Turquand's Case 1946: 1871:proxy statement 1863: 1852: 1846: 1843: 1832: 1819: 1815: 1808: 1735: 1724: 1718: 1715: 1704: 1691: 1687: 1680: 1632: 1630:Two-tier system 1586:general meeting 1578: 1550: 1520: 1497: 1481:conference call 1477: 1445: 1434: 1428: 1425: 1414: 1401: 1397: 1390: 1364:Shadow director 1330:Inside director 1320: 1304: 1298: 1251: 1249:Inside director 1239: 1231: 1174:chief executive 1159: 1119: 1112: 1111: 1055:Business ethics 1045: 1035: 1034: 975: 967: 966: 677: 669: 668: 664:Venture capital 594:Commercial bank 584:Insider dealing 559: 551: 550: 501:Planned economy 466: 456: 455: 400: 398:Corporate title 390: 389: 365:Corporate crime 345: 335: 334: 330:Audit committee 305: 295: 294: 250:Holding company 230:Corporate group 225: 218:Business entity 210: 209: 190: 168: 160:executive board 127: 107:codetermination 39: 32: 17: 12: 11: 5: 4944: 4934: 4933: 4928: 4923: 4921:Business terms 4918: 4913: 4908: 4891: 4890: 4888: 4887: 4882: 4877: 4872: 4867: 4862: 4857: 4851: 4849: 4848:Related topics 4845: 4844: 4842: 4841: 4836: 4831: 4826: 4821: 4816: 4810: 4808: 4804: 4803: 4801: 4800: 4798:Vice president 4795: 4790: 4785: 4780: 4775: 4770: 4765: 4760: 4754: 4752: 4748: 4747: 4745: 4744: 4739: 4734: 4729: 4727:Sustainability 4724: 4719: 4714: 4709: 4704: 4699: 4694: 4689: 4684: 4679: 4674: 4669: 4664: 4659: 4654: 4649: 4644: 4639: 4634: 4629: 4624: 4619: 4614: 4609: 4604: 4599: 4594: 4589: 4584: 4579: 4574: 4569: 4564: 4559: 4554: 4549: 4544: 4542:Communications 4539: 4534: 4529: 4524: 4519: 4514: 4509: 4504: 4502:Administrative 4499: 4493: 4491: 4490:Chief officers 4487: 4486: 4479: 4478: 4471: 4464: 4456: 4450: 4449: 4432: 4427: 4422: 4417: 4409: 4408:External links 4406: 4405: 4404: 4397: 4387: 4372: 4366: 4355: 4327: 4321: 4318: 4316: 4315: 4281:(6): 825–855. 4261: 4228: 4214: 4171: 4145:(4): 671–698. 4122: 4111: 4063: 4050:"Past Surveys" 4041: 3990: 3939: 3927: 3892: 3880: 3869:on 16 May 2017 3849: 3816: 3804: 3778: 3760: 3743: 3723: 3698: 3665: 3651: 3636: 3614: 3602: 3587: 3569: 3563:shareholder," 3555: 3543: 3529: 3512: 3500: 3483: 3448: 3429: 3416: 3393: 3369: 3347: 3334: 3322: 3303: 3271: 3238: 3225:(2): 633–678. 3205: 3172: 3161:(2): 689–724. 3139: 3127: 3105: 3075: 3045: 3043:, p. 572. 3033: 3024: 3014: 2984: 2966: 2903: 2873: 2862:. Investopedia 2851: 2840:. Investopedia 2829: 2803: 2775:Dictionary.com 2751: 2749:, p. 484. 2736: 2706: 2679: 2664: 2628: 2603: 2590: 2588: 2585: 2583: 2580: 2577: 2576: 2558: 2549: 2532: 2519: 2510: 2501: 2492: 2482: 2481: 2479: 2476: 2474: 2473: 2468: 2460: 2455: 2450: 2445: 2439: 2437: 2434: 2412: 2409: 2388: 2385: 2376: 2373: 2367: 2364: 2342: 2339: 2337: 2334: 2324: 2321: 2304: 2303: 2300: 2297: 2294: 2291: 2288: 2271: 2270:Current trends 2268: 2267: 2266: 2261: 2258: 2249: 2240: 2234: 2224: 2221: 2209: 2208: 2201:Equitable Fire 2187: 2186: 2164: 2161: 2155: 2152: 2145: 2144: 2123: 2120: 2112: 2111: 2092:Lord Cranworth 2078: 2075: 2069: 2066: 2048: 2045: 2015: 2012: 1977: 1974: 1945: 1942: 1865: 1864: 1829:of the subject 1827:worldwide view 1822: 1820: 1813: 1807: 1804: 1765:House of Lords 1737: 1736: 1701:of the subject 1699:worldwide view 1694: 1692: 1685: 1679: 1676: 1631: 1628: 1577: 1574: 1549: 1546: 1519: 1516: 1496: 1493: 1476: 1475:Board meetings 1473: 1447: 1446: 1411:of the subject 1409:worldwide view 1404: 1402: 1395: 1389: 1386: 1378: 1377: 1371: 1361: 1355: 1347: 1341: 1333: 1327: 1319: 1316: 1300:Main article: 1297: 1294: 1285: 1284: 1281: 1278: 1268: 1250: 1247: 1238: 1235: 1230: 1227: 1202: 1201: 1198: 1191: 1188: 1185: 1170: 1161: 1160: 1158: 1157: 1150: 1143: 1135: 1132: 1131: 1130: 1129: 1114: 1113: 1110: 1109: 1104: 1099: 1098: 1097: 1087: 1085:Business model 1082: 1077: 1072: 1067: 1062: 1057: 1052: 1046: 1041: 1040: 1037: 1036: 1033: 1032: 1027: 1022: 1017: 1012: 1007: 1002: 997: 992: 987: 982: 976: 973: 972: 969: 968: 965: 964: 959: 954: 953: 952: 942: 937: 932: 927: 922: 917: 916: 915: 904: 899: 894: 889: 884: 879: 874: 869: 864: 859: 854: 853: 852: 841: 836: 835: 834: 824: 819: 814: 809: 804: 803: 802: 794:Human resource 791: 786: 785: 784: 773: 768: 763: 758: 753: 748: 743: 738: 736:Communications 733: 732: 731: 721: 720: 719: 709: 704: 699: 694: 689: 684: 678: 675: 674: 671: 670: 667: 666: 661: 656: 651: 646: 641: 636: 631: 626: 621: 616: 614:Public finance 611: 609:Financial risk 606: 601: 596: 591: 586: 581: 576: 571: 566: 560: 557: 556: 553: 552: 549: 548: 543: 538: 536:Macroeconomics 533: 531:Microeconomics 528: 523: 521:Market economy 518: 513: 508: 503: 498: 493: 488: 483: 478: 473: 467: 462: 461: 458: 457: 454: 453: 444: 435: 430: 425: 416: 407: 401: 396: 395: 392: 391: 388: 387: 382: 377: 375:Insolvency law 372: 367: 362: 357: 352: 350:Commercial law 346: 341: 340: 337: 336: 333: 332: 327: 325:Advisory board 322: 317: 312: 306: 301: 300: 297: 296: 293: 292: 287: 282: 277: 272: 267: 262: 257: 252: 247: 242: 237: 232: 226: 216: 215: 212: 211: 208: 207: 202: 197: 191: 186: 185: 182: 181: 177: 176: 167: 164: 126: 123: 15: 9: 6: 4: 3: 2: 4943: 4932: 4929: 4927: 4926:Corporate law 4924: 4922: 4919: 4917: 4914: 4912: 4909: 4907: 4904: 4903: 4901: 4886: 4883: 4881: 4878: 4876: 4873: 4871: 4868: 4866: 4863: 4861: 4858: 4856: 4853: 4852: 4850: 4846: 4840: 4837: 4835: 4832: 4830: 4827: 4825: 4822: 4820: 4817: 4815: 4812: 4811: 4809: 4805: 4799: 4796: 4794: 4791: 4789: 4786: 4784: 4781: 4779: 4776: 4774: 4771: 4769: 4766: 4764: 4761: 4759: 4756: 4755: 4753: 4749: 4743: 4740: 4738: 4735: 4733: 4730: 4728: 4725: 4723: 4720: 4718: 4715: 4713: 4710: 4708: 4705: 4703: 4700: 4698: 4695: 4693: 4692:Restructuring 4690: 4688: 4685: 4683: 4680: 4678: 4675: 4673: 4670: 4668: 4665: 4663: 4660: 4658: 4657:Merchandising 4655: 4653: 4650: 4648: 4645: 4643: 4640: 4638: 4635: 4633: 4630: 4628: 4625: 4623: 4620: 4618: 4615: 4613: 4610: 4608: 4605: 4603: 4600: 4598: 4595: 4593: 4590: 4588: 4585: 4583: 4580: 4578: 4575: 4573: 4570: 4568: 4565: 4563: 4560: 4558: 4555: 4553: 4550: 4548: 4545: 4543: 4540: 4538: 4535: 4533: 4530: 4528: 4525: 4523: 4520: 4518: 4515: 4513: 4510: 4508: 4505: 4503: 4500: 4498: 4497:Accessibility 4495: 4494: 4492: 4488: 4484: 4477: 4472: 4470: 4465: 4463: 4458: 4457: 4454: 4447: 4443: 4439: 4436: 4433: 4431: 4428: 4426: 4423: 4421: 4418: 4415: 4412: 4411: 4402: 4398: 4394: 4390: 4384: 4380: 4379: 4373: 4371: 4367: 4364: 4360: 4356: 4342: 4335: 4334: 4328: 4324: 4323: 4308: 4304: 4300: 4296: 4292: 4288: 4284: 4280: 4276: 4272: 4265: 4256: 4251: 4247: 4243: 4239: 4232: 4224: 4218: 4210: 4206: 4202: 4198: 4194: 4190: 4186: 4182: 4175: 4164: 4160: 4156: 4152: 4148: 4144: 4140: 4133: 4126: 4120: 4115: 4107: 4101: 4083: 4076: 4075: 4067: 4059: 4055: 4051: 4045: 4037: 4031: 4013: 4006: 4005: 4000: 3994: 3986: 3980: 3962: 3955: 3954: 3949: 3943: 3937:, p. 31. 3936: 3931: 3924: 3916: 3909: 3908: 3903: 3896: 3890:, p. 52. 3889: 3884: 3868: 3864: 3860: 3853: 3838:on 7 May 2016 3837: 3833: 3829: 3823: 3821: 3813: 3808: 3792: 3788: 3782: 3774: 3770: 3764: 3756: 3750: 3748: 3740: 3736: 3733: 3727: 3712: 3708: 3702: 3686: 3682: 3678: 3672: 3670: 3661: 3655: 3648: 3647: 3640: 3633: 3629: 3628: 3623: 3618: 3611: 3606: 3599: 3598: 3591: 3584: 3580: 3579: 3573: 3566: 3559: 3552: 3547: 3540: 3539: 3533: 3526: 3522: 3521:Barber's Case 3516: 3509: 3504: 3497: 3493: 3487: 3479: 3475: 3471: 3467: 3463: 3459: 3452: 3444: 3440: 3433: 3426: 3420: 3412: 3408: 3404: 3397: 3390: 3386: 3382: 3379: 3373: 3366: 3362: 3356: 3354: 3352: 3344: 3338: 3331: 3326: 3319: 3318: 3313: 3307: 3288: 3281: 3275: 3266: 3261: 3257: 3253: 3249: 3242: 3233: 3228: 3224: 3220: 3216: 3209: 3201: 3197: 3193: 3189: 3188: 3183: 3176: 3168: 3164: 3160: 3156: 3155: 3150: 3143: 3136: 3131: 3124: 3120: 3117: 3112: 3110: 3093: 3089: 3085: 3079: 3063: 3059: 3055: 3049: 3042: 3037: 3028: 3018: 3002: 2998: 2994: 2988: 2980: 2976: 2970: 2962: 2956: 2937: 2933: 2929: 2925: 2921: 2914: 2907: 2891: 2887: 2883: 2877: 2861: 2855: 2839: 2833: 2817: 2813: 2807: 2800: 2796: 2792: 2788: 2784: 2780: 2776: 2772: 2768: 2765: 2761: 2755: 2748: 2743: 2741: 2724: 2720: 2716: 2710: 2694: 2690: 2683: 2676: 2671: 2669: 2649: 2645: 2638: 2632: 2617: 2613: 2607: 2600: 2595: 2591: 2572: 2571:share capital 2568: 2567:going concern 2562: 2553: 2547:1989 SLT 655. 2546: 2542: 2536: 2529: 2523: 2514: 2505: 2496: 2487: 2483: 2472: 2469: 2466: 2465: 2461: 2459: 2456: 2454: 2451: 2449: 2446: 2444: 2441: 2440: 2433: 2430: 2426: 2423:The issue of 2421: 2417: 2408: 2406: 2402: 2398: 2394: 2391:Directors of 2384: 2382: 2372: 2363: 2359: 2356: 2352: 2348: 2336:United States 2333: 2329: 2320: 2316: 2315: 2311: 2309: 2301: 2298: 2295: 2292: 2289: 2286: 2285: 2284: 2282: 2277: 2265: 2262: 2259: 2257: 2253: 2250: 2248: 2244: 2241: 2238: 2235: 2233: 2230: 2229: 2228: 2220: 2218: 2212: 2206: 2205: 2204: 2202: 2198: 2197: 2191: 2184: 2180: 2176: 2175: 2174: 2172: 2171: 2160: 2151: 2148: 2142: 2141: 2140: 2138: 2137: 2131: 2129: 2128:opportunities 2119: 2116: 2109: 2105: 2101: 2097: 2096: 2095: 2093: 2089: 2085: 2074: 2065: 2063: 2057: 2054: 2044: 2041: 2039: 2035: 2034: 2029: 2025: 2024:Supreme Court 2020: 2011: 2007: 2005: 2001: 1997: 1993: 1987: 1983: 1973: 1971: 1970: 1964: 1959: 1954: 1951: 1941: 1939: 1935: 1934: 1928: 1926: 1920: 1918: 1912: 1909: 1905: 1903: 1898: 1896: 1892: 1888: 1884: 1880: 1876: 1872: 1861: 1858: 1850: 1840: 1836: 1830: 1828: 1821: 1812: 1811: 1803: 1801: 1795: 1790: 1788: 1784: 1783: 1777: 1774: 1770: 1766: 1761: 1758: 1754: 1753: 1748: 1743: 1733: 1730: 1722: 1712: 1708: 1702: 1700: 1693: 1684: 1683: 1675: 1672: 1667: 1663: 1661: 1660:civil service 1657: 1653: 1649: 1645: 1641: 1637: 1627: 1623: 1621: 1616: 1611: 1607: 1605: 1600: 1599: 1593: 1591: 1587: 1583: 1573: 1571: 1567: 1566:stock options 1563: 1559: 1555: 1545: 1544:may be used. 1543: 1542: 1535: 1531: 1529: 1525: 1515: 1513: 1508: 1504: 1502: 1492: 1490: 1486: 1482: 1472: 1470: 1466: 1462: 1458: 1454: 1453:board process 1443: 1440: 1432: 1422: 1418: 1412: 1410: 1403: 1394: 1393: 1385: 1383: 1375: 1372: 1369: 1365: 1362: 1359: 1356: 1353: 1352: 1348: 1345: 1342: 1339: 1338: 1334: 1331: 1328: 1325: 1322: 1321: 1315: 1311: 1309: 1303: 1293: 1290: 1282: 1279: 1277: 1273: 1269: 1267: 1263: 1262: 1261: 1258: 1256: 1246: 1244: 1234: 1226: 1224: 1220: 1216: 1215: 1209: 1207: 1199: 1196: 1192: 1189: 1186: 1183: 1179: 1175: 1171: 1168: 1167: 1166: 1156: 1151: 1149: 1144: 1142: 1137: 1136: 1134: 1133: 1128: 1123: 1118: 1117: 1116: 1115: 1108: 1105: 1103: 1100: 1096: 1093: 1092: 1091: 1088: 1086: 1083: 1081: 1078: 1076: 1073: 1071: 1068: 1066: 1063: 1061: 1060:Business plan 1058: 1056: 1053: 1051: 1048: 1047: 1044: 1039: 1038: 1031: 1028: 1026: 1023: 1021: 1018: 1016: 1013: 1011: 1008: 1006: 1003: 1001: 998: 996: 993: 991: 990:Communication 988: 986: 983: 981: 978: 977: 971: 970: 963: 960: 958: 955: 951: 950:administrator 948: 947: 946: 943: 941: 938: 936: 933: 931: 928: 926: 923: 921: 918: 914: 911: 910: 908: 905: 903: 900: 898: 895: 893: 890: 888: 885: 883: 880: 878: 875: 873: 870: 868: 865: 863: 860: 858: 855: 851: 848: 847: 845: 842: 840: 837: 833: 832:administrator 830: 829: 828: 825: 823: 820: 818: 815: 813: 810: 808: 805: 801: 798: 797: 795: 792: 790: 787: 783: 780: 779: 777: 774: 772: 769: 767: 764: 762: 759: 757: 754: 752: 749: 747: 744: 742: 741:Configuration 739: 737: 734: 730: 727: 726: 725: 722: 718: 715: 714: 713: 710: 708: 705: 703: 700: 698: 695: 693: 690: 688: 685: 683: 680: 679: 673: 672: 665: 662: 660: 657: 655: 652: 650: 647: 645: 642: 640: 637: 635: 632: 630: 627: 625: 622: 620: 617: 615: 612: 610: 607: 605: 602: 600: 597: 595: 592: 590: 587: 585: 582: 580: 577: 575: 572: 570: 567: 565: 562: 561: 555: 554: 547: 544: 542: 539: 537: 534: 532: 529: 527: 524: 522: 519: 517: 514: 512: 509: 507: 504: 502: 499: 497: 496:Mixed economy 494: 492: 489: 487: 484: 482: 479: 477: 474: 472: 469: 468: 465: 460: 459: 452: 448: 445: 443: 439: 436: 434: 431: 429: 426: 424: 420: 417: 415: 411: 408: 406: 403: 402: 399: 394: 393: 386: 383: 381: 378: 376: 373: 371: 368: 366: 363: 361: 358: 356: 353: 351: 348: 347: 344: 343:Corporate law 339: 338: 331: 328: 326: 323: 321: 318: 316: 313: 311: 308: 307: 304: 299: 298: 291: 288: 286: 283: 281: 278: 276: 273: 271: 268: 266: 263: 261: 258: 256: 253: 251: 248: 246: 243: 241: 238: 236: 233: 231: 228: 227: 223: 219: 214: 213: 206: 203: 201: 198: 196: 193: 192: 189: 184: 183: 179: 178: 175: 172: 171: 163: 161: 157: 153: 152: 146: 145: 140: 136: 132: 122: 120: 115: 110: 108: 104: 100: 96: 91: 89: 85: 81: 80:corporate law 77: 72: 70: 66: 62: 58: 54: 49: 43: 37: 30: 26: 22: 4916:Business law 4854: 4403:, London, UK 4393:the original 4377: 4362: 4348:, retrieved 4332: 4307:the original 4278: 4274: 4264: 4248:(5): 51–66. 4245: 4241: 4231: 4217: 4184: 4180: 4174: 4142: 4138: 4125: 4118: 4114: 4089:, retrieved 4082:the original 4073: 4066: 4058:the original 4053: 4044: 4019:, retrieved 4012:the original 4003: 3993: 3968:, retrieved 3961:the original 3952: 3942: 3930: 3921: 3906: 3895: 3883: 3871:. 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