B is for...

Board of Directors

Definition and Fundamental Role The Board of Directors refers to a group of individuals elected or appointed to act as representatives of the stakeholders of an organisation, overseeing its strategic direction, financial health, and overall policy. The board’s paramount duty is ensuring the organisation’s prosperity by collectively directing the organisation’s affairs while meeting the appropriate interests of its shareholders (in the case of for-profit entities) or members (in not-for-profit organisations).

Bylaws

An Overview Bylaws are a set of rules or guidelines created by an organisation to govern its actions, operations, and decision-making processes. These provide a structured framework to manage internal affairs and guide the behaviour of its members, ensuring that activities are conducted in a consistent and orderly manner. Bylaws can vary between organisations but commonly address key aspects such as the organisation’s purpose, membership requirements, governance structure, officer roles and responsibilities, meeting protocols, voting procedures, and processes for making amendments.