The streamlining of business operations and maximization of profits is the basis of corporate governance measures in major economies. Company boards of directors play critical roles in the establishment and implementation of corporate governance frameworks. A company’s board of directors consists of directors elected by shareholders for several years. In most instances, directors have vested interests in the organization, work in its upper management or are independent of their organization, but are acclaimed for their business capabilities (Dignam & Lowry, 2006). The number of directors in a board vary between organizations, for instance, Nike Inc. has 10 directors, including among others, the company’s CEO, director of corporate responsibility and CFO. In the US, at least 50% of directors should not be associated with the organization. A company’s board of directors (BOD) is tasked with overseeing an organization’s procedures and policies established to guarantee adherence to its ethical and legal business conduct. The BOD is also responsible for selecting senior management such as the CEO and developing benefits and compensation for the management. Nike Company Incorporation.
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