A Board of Directors is the elected body chosen by the shareholders who jointly oversee a corporation. The structure, powers, and process of selecting members of a Board of Directors are detailed in the organization’s bylaws. The members of the Board of Directors do not typically take part in the day-to-day management of the corporation. However, the Board plays a pivotal role in governing a corporation by establishing broad business strategies and objectives. To best perform its role, Boards are typically divided up into various committees, each with a specific goal and agenda. With regard to executive compensation, the Board of Directors is responsible for setting the salaries and compensation for a company’s executive team. To that end, Boards typically will have a Compensation Committee, whose sole focus is on developing and implementing a compensation program designed to best forward the company’s strategic goals and business objectives.