The primary role of a board of directors is to create and maintain the company’s strategy. Many of the duties and responsibilities expected of board members involve work performed in various committees such as auditing, compensation, reviewing CEO performance, nomination and governance. A single board can have a number of committees, each dedicated to one […]
Liability Insurance for Board Directors
LIABILITY INSURANCE FOR BOARD DIRECTORS An important consideration when joining a board is Director & Officer liability insurance, commonly known as D&O insurance. Public companies purchase D&O insurance to protect directors and officers from the chance of getting sued by stockholders, vendors, competitors and other parties. These lawsuits can arise if directors or officers are […]
Filing Your Taxes as a Board Director
As a director, your fees are not considered employee wages or a salary (W-2). Instead, the IRS considers you to be an independent contractor and your income is reported on Form 1099-MISC in Box 7 (Nonemployee Compensation) and this is what you will use when you file your Form 1040 (Schedule C). Because your company […]
Board Meeting Best Practices
There are a number of best practices that board members ought to abide by both before, during, and after board meetings in order to facilitate successful and productive communication within the board. The chair of the board meeting should conduct a short telephone call with each board member a week or so before the board meeting in order […]
