Director is senior management title used in British and American English. British English directors manage company as C-Suite, American English supervise specific areas. Directorship holders have legal duties on company board
Audit committee oversees financial reporting and independent auditor selection. Required for US publicly traded companies on stock exchanges. Must include at least one independent financial expert. Membership typically ranges from 3 to 6 directors
Strategist formulates and implements organizational strategy. Strategy involves setting goals, determining actions, and mobilizing resources. Senior leadership typically determines strategy. Strategy can be intended or emerge as organizational adaptation
Every public company must have a board of directors. Board members are elected by shareholders in public companies. NYSE and Nasdaq require majority of board members to be independent
Chair holds most power on board of directors and provides leadership to executives. Position requires majority vote from board of directors. Average compensation from outside company is $185,000
Most public companies have two-tier hierarchy: board of directors and management team. Modern corporations evolved from small family-run to large international conglomerates. Structure exists to ensure companies represent shareholders' interests