For any not familiar with Corporate structure:
CEO = Puppet/Figurehaed
Board of Directors = Guardians of the Shekels
The real power.
Though they have many duties, the primary responsibility of corporate board of
directors is to protect shareholder assets and ensure they receive a decent
return on their investment. If you're investing in a company, either by purchasing
shares of stock or buying bonds, It's wise for you to know the details about what
a corporate board of directors does.
The Purpose of a Board of Directors
The board of directors is the highest governing authority within the management structure
at a corporation or publicly traded business. The board owes a company's shareholders the
highest financial duty under American law, known as a fiduciary duty.
It's the board's job to:
Select, evaluate, and approve appropriate compensation for the company's chief executive officer (CEO)
Evaluate the attractiveness of and pay dividends, recommend stock splits
Oversee share repurchase programs
Approve the company's financial statements
Recommend or strongly discourage acquisitions and mergers
The Role and Duties of a Corporate Board of Directors
https://www.thebalance.com/corporate-board-of-directors-3960038