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 six 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). Significant corporate actions, like amending the certificate of incorporation, selling the company or hiring officers, require the approval of the Board.