A director or, if there is more than one, the board of directors, are the highest level of management within a corporation. Private for-profit corporations are required to have a minimum of one director, who may also be the sole shareholder and officer.
The board of directors make major decisions for the corporation including appointing the officers of the corporation, approving annual budgets, informing shareholders of important matters, and declaring dividends. Directors are typically elected by the shareholders and can be removed by the shareholders. A corporation’s by-laws may permit the board to elect or remove directors unilaterally.
Officers are the most senior employees of the corporation and are appointed by the director(s) to manage the day-to-day activities of the corporation. Typical officers include the president, treasurer, and secretary. In smaller corporations, one person may be the sole director, officer, and shareholder. A corporation is legally required to report any changes to its officers and directors, and their contact information.
The Incorporight platform allows you to view, update, and change your corporation’s directors and officers, and their contact information quickly and efficiently.