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Officers are usually appointed by the corporation's board of directors, and while specific positions may vary from one corporation to another, typical corporate officers include: Chief Executive Officer (CEO) or President.
A board's members, called directors, are elected by the corporation's shareholders, and are considered responsible to them, not the founders or officers of the company.
A corporation's first directors are either named in its articles of incorporation or elected at the organizational meeting. They serve until the shareholders hold their first meeting and elect their successors. Thereafter, directors serve until the next annual shareholders' meeting.
The board of directors of a public company is elected by shareholders. The board makes key decisions on issues such as mergers and dividends, hires senior managers, and sets their pay. Board of directors candidates can be nominated by the company's nominations committee or by outsiders seeking change.
Corporate officers are elected by the board of directors. Their job is to manage the daily activities of the corporation. Officers can sit on the board of directors. In fact, it is common for the CEO to also be a director.
16. How are directors chosen during incorporation? A. Either the incorporators appoint them or the corporate articles name them.
The incorporator typically executes a document called an Action of Incorporator (also called an Initial Action by the Sole Incorporator), in which the incorporator adopts bylaws for the corporation, sets the size of the board of directors, and elects the initial board of directors.
Initial Director means a person who is a Non-Employee Director at the date of requisite approval of this Plan by the shareholders of the Company.
Both incorporators and directors play important roles with regards to corporate entities. Typically, the duties of these individuals vary greatly. An incorporator's primary role takes place before a corporate entity is formed, and a director's duties kick in after corporate formation.
Incorporator means a person who signed the original articles of incorporation.