Although the executive officers, such as the Chief Executive Officer and Chief Financial Officer, generally handle the day-to-day operations of the business, the board of directors is ultimately responsible for the management and oversight of a corporation. The board of directors should meet on a regular basis to discuss the business and ensure that the directors are performing their oversight duty.
Most venture-backed companies hold regular board meetings approximately four to eight times per year, with additional special meetings scheduled as needed (such as to approve a transaction or discuss a specific matter that requires the input of the board of directors). Significant corporate actions, like amending the certificate of incorporation, selling the company or hiring officers, require the approval of the board of directors.
Last reviewed: May 3, 2021