Test yourself

Fill in the gaps with the words from the list.
officers; conflicts; faith; care; election; dividend; meeting; deliberation; take; amends; exercise; decision;

Corporate boards of directors do not participate in day-to-day (1 p.) -making; instead, they set overall policy, based on the corporate mission and vision, and they (1 p.) a supervisory function, reviewing the actions of corporate (1 p.) and executives.

Annual Meeting
At the annual (1 p.) of the corporation, the board declares the annual (1 p.) , oversees (1 p.) of corporate board members, elects or appoints officers and key executives, and (1 p.) the bylaws, if necessary.

Fiduciary duty
Board members must act in good (1 p.) and with a reasonable degree of (1 p.) , and they must not have any (1 p.) of interest. That is, the interests of the company must (1 p.) precedence over personal interests of individual board members.

Mission and Vision
Board members are responsible for setting the mission of the company and assuring that all actions are related to that mission. The board can change the mission, but only after careful (1 p.) .