A Board of Directors is a recognized group of people who are elected by the shareholders of a company. It is formed to jointly oversee and control the planning and implementation of corporate objectives and the financial wellbeing of the company.
Government regulations (including the jurisdiction's corporations law) and the organisation's own constitution and bylaws determine the duties, responsibilities, and powers of a Board of Directors. These authorities may specify the number of members of the board, how they are to be chosen, and how often they are to meet.
Every public company must have a Board of Directors. Some private and nonprofit companies have a board of directors as well.