Every Entrepreneurial Enterprise needs to have a Board (or maybe know as the Executive), unless the Enterprise is a Proprietorship.

The Board is elected to Office by the Shareholders or Partners at a General Meeting of the Enterprise.

The Board will normal elect their Chairman (often the President is the Chairman) and other Positions on the Board, at their first meeting when the new Board takes Office.

The Board will appoint the person to be the Chief Executive Officer [CEO]. Sometimes it is one of their own members.

The Board Reports to the Shareholders (or Partners) at the next General Meeting, this is usually on an annual basis. Sometimes Special or Extraordinary Meetings are held at the discretion of the Board, or when a decision must be made by the Shareholders (or Partners) according to the Enterprises Constitution, Rules and Regulation, or Law of the Jurisdiction that granted their existence.