The governing body of a company that is elected by stockholders. The BOD is responsible for supervising management and has fiduciary duties that it owes to the company's stockholders. It is charged with appointing senior management, assigning committee members, issuing shares, declaring dividends and shaping company policy. The typical BOD includes both senior corporate managers (e.g., the CEO) and external directors. Meetings are regular, usually monthly or every other month.