A corporate executive board is a group that oversees activities and strategic planning and decision making in an organization.
The specific responsibilities of a corporate executive board are usually detailed in organizational bylaws. Duties might include:
- Establishing general policies and objectives for the organization.
- Selecting, appointing and reviewing the performance of chief executives; hiring and firing.
- Evaluating the availability of financial resources.
- Approving annual budgets.
- Setting the salaries and compensation of company management.
In an organization with voting members, the board is selected by those members to act on behalf of the full group. When an organization has public shareholders, the corporate executive board is typically elected by an election in which all shareholders can vote. Corporate executive board members for non-public organizations are often elected by sitting board members before they leave office.