What does Board Committees mean? Read on to discover the definition & meaning of the term Board Committees - to help you better understand the language used in insurance policies.
Committees formed by members of a corporate board of directors that are created to address a particular aspect or feature of the corporation. Three of the most common board committees and their responsibilities include: (1) audit (overseeing the company's financial, accounting, and internal and external audit functions), (2) nominating (identifying and recruiting new/additional board members and officers), and (3) compensation (recommending appropriate compensation levels for the company's management, as well as compensation for members of the board). Board committees normally consist of two to four members of a corporate board of directors.
We hope the you have a better understanding of the meaning of Board Committees.