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Contract & Commercial Law vocabulary · Companies & Partnerships

Board of directors

Meaning in contract & commercial law, with examples

nounCore term

In contract & commercial law, board of directors means: The group of directors elected by the shareholders to manage a company and make its most important decisions.

In Turkish: yönetim kurulu

How it is used

Often just 'the board'. The board meets regularly, passes resolutions and appoints senior management. Signing a major contract may require a 'board resolution'. In a Turkish joint stock company (A.Ş.) the yönetim kurulu plays the same role.

Example sentences

  1. The board of directors approved the new distribution strategy.

  2. Please send us a copy of the board of directors' resolution authorising the signatory.

Common collocations

  • board meeting
  • board resolution
  • sit on the board
  • board approval
  • chair of the board
  • directorA person appointed to manage a company and make major decisions on its behalf, usually as a member of the board of directors.
  • shareholderA person or company that owns shares in a company and therefore owns part of it, usually with rights to vote and to receive dividends.
  • articles of associationA company's constitution: the document that sets out its internal rules, such as how shares are transferred, how directors are appointed and how meetings work.
  • fiduciary dutyA legal duty to act in the best interests of another person or organisation, owed for example by directors to their company or by agents to their principal.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Companies & Partnerships

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This page explains English vocabulary for learners. It is not legal advice.